EALB Contributes EGP 150 Mn To Finance For Egyptian Steel Group

The Egyptian Arab Land Bank (EALB) approved contributing to the first Islamic syndicated loan arranged by Banque Misr, Bank Audi Egypt and Societe Arabe Internationale De Banque (SAIB) for the Egyptian Steel Group, owned by the businessman Ahmed Abu Hashima.

Sources said EALB decided to contribute EGP 150 million to the EGP 1.07 billion loan after conducting credit studies on the project last week.

The bank plans to diversify its credit portfolio in the upcoming period by financing different sectors including Petrochemicals, electricity and real estate sectors.

The loan will be used to finance the establishment of Egyptian Steel Factory in Beni Suef. The seven-year term loan has a grace period of two years.

The bank’s portfolio of loans and credit facilities stood at EGP 14.7 billion, including the loans and credit facilities portfolios held at the bank’s branches in Palestine and Jordan, at the end of FY 2011/2012, up from EGP 14 billion at the end of 2011, with an increase of 700 million.