National Bank For Development Defers Signing Islamic Loan Contract

The National Bank for Development (NBD) decided to delay the signing of the protocol of the first Islamic syndicated loan for a public-sector project which is a EGP 620 million loan for the East Delta Electricity Production Company because of the unrests in Downtown.

The loan agreement was slated to be signed tomorrow at the bank’s headquarters in Garden City, Downtown.

The contributions of banks to the loan are as follows: NBD ( EGP 128 million), Banque Misr (EGP 200 million), Egyptian Gulf Bank ( EGP 150 million), Al Baraka Islamic Bank of Egypt (EGP 75 million), Bank Audi Egypt ( EGP 42 million) and United Bank Egypt (EGP 25 million).