ICEC

National Investment Bank studies $157.6 mln loan for Egypt railway authority

State-run National Investment Bank of Egypt (NIB) is studying securing finances worth 1.4 billion Egyptian pounds ($157.6 million) for the Egyptian National Railways (ENR).

Momtaz al-Saeed, Board Member at NIB, said the loan under study would finance the Egyptian National Railways’ investment projects for the current year.

NIB also plans to secure loans worth 2.4 billion pounds in favour of the country’s economic entities in the coming financial year, al-Saeed added.

Economic entities’ investments are expected to record 48.7 billion pounds within financial year 2016/2017, including 18.4 billion pounds for projects in Suez Canal and 8.3 billion pounds for education and health services

Those planned investments are 83.7 percent self-financed, while the remaining share is financed by NIB, the country’s treasury, and other sources.

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