By: Eslam Fadl
Cairo– Mubasher: A four-bank consortium has initially approved securing EGP 2.9 billion, or as much as 90%, of a EGP 3.2 billion loan for Samcrete Egypt Engineers and Contractors, according to banking sources.
The bank consortium comprises of the National Bank of Egypt (NBE), Banque Misr, Banque du Caire and Emirates NBD.
The NBE and Banque Misr, Egypt’s largest state-run banks, would contribute in the loan with EGP 1.2 billion and EGP 700 million, respectively, while Banque du Caire and Emirates NBD would provide EGP 500 million each, the sources told Mubasher.
On 17 October, the NBE sent a memorandum of provisions to the lenders to arrange an EGP 3.2 billion loan for Samcrete Egypt.
In September, Samcrete Egypt asked the banks to increase the loan to EGP 3.2 billion.
In March, the Egyptian company started negotiations with the NBE to provide an EGP 2.5 billion loan guaranteed by its undergoing construction contracts.
Translated by: Dunya Hassanin
