Egyptian Gulf Bank-EG-Bank has approved pumping 150 million Egyptian Pounds ($8.4 million) in both Rooya Group and the Egyptian Railways loans according to the head of corporate banking at EG Bank Ahmed Nagy.
He added that the bank would participate with a share of 100 million pounds in Rooya’s loan, while an equivalent of 50 million pounds in foreign currency in the loan targeted to the Egyptian Railways.
In addition, the total value of the loan that would be directed to Rooya Group is 3 billion Egyptian pounds being arranged by the National Bank of Egypt and Arab African International Bank. The loan maturity reaches six years and is aimed to enhance the company’s investments as well as repay the existing dues.
Meanwhile, the Egyptian Railways loan will depend on documentary credits worth $36 million in order to buy the necessary spare parts to develop 81 tractors in cooperation with General Electric.
Nagy added that his bank has just finished pumping 112 million pounds General Petroleum Company loan which amounted to 2.3 billion pounds so that it has joined forces with the banking consortium that included the National Bank of Egypt, Banque Misr, SAIB Bank and Arab African International Bank.