(Ecofin Agency) - Egypt’s state-owned Banque Misr announced plans to raise $250 from international financial institutions to finance its expansion in sub-Saharan Africa. The company targets Somalia, Djibouti, and Kenya.

The expansion project has already obtained the Central Bank of Egypt’s approval and Misr is in talks with investors to get loans at competitive rates. The bank is already present in Lebanon, Germany, France, China, Russia, and Italy

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