ICEC

EG-Bank pumps 3 bln pounds in real estate and electricity fields

Egyptian Gulf Bank-EG-Bank seeks to pump direct funds of 3 billion Egyptian pounds during the next period in the electricity, petroleum, construction and mortgage finance, according to the head of corporate banking at EG Bank Ahmed Nagy.

He added that his bank seeks fund electricity and construction projects in the new administrative capital city .

An amount of $2 million in foreign currency in the loan targeted to the Egyptian Railways.  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.

The bank also would participate with a share of 100 million pounds in Rooya’s loan being arranged by the National Bank of Egypt and Arab African International Bank.  he loan maturity reaches six years and is aimed to enhance the company’s investments as well as repay the existing dues.

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