Cairo – Mubasher: National Bank of Egypt (NBE) is planning to arrange and market a $400 million loan in favour of Canal Sugar Co, a subsidiary of UAE-based Al Ghurair’s Al Khaleej Sugar.
The loan will be used to finance the establishment of the beet sugar plant in the Upper Egypt governorate of Minya, sources told Shorouk News.
The largest state-run bank, in addition to Commercial International Bank (CIB), Banque Misr, First Abu Dhabi Bank (FAB), Arab African International Bank (AAIB), Qatar National Bank (QNB), and Union National Bank (UNB), are expected to participate in financing the project, sources added.
NCB Capital, NBE’s investment arm, is set to be the financial advisor of the financing deal, according to the sources.
In January, Canal Sugar Co signed two main agreements worth a combined $1 billion with the Egyptian government, represented in the General Authority for Reconstruction Projects and Agricultural Development.
