Al Baraka, Bank Audi Join Consortium Funding El Marakby

Al Baraka Bank of Egypt and Bank Audi Egypt have joined the banking consortium led by the National Bank of Egypt (NBE) and Misr Iran Development Bank which are arranging EGP 510 million loan for El Marakby for Metallic Industries.

The loan will be used to finance the establishment of the company’s new pellet factory that will be established in Sixth of October City which will produce 250,000 tons of pellets and other 250,000 tons of steel.

Sources revealed to Amwal Al Ghad that the main loan arranger NBE will contribute EGP 250 million and Misr Iran Development Bank will contribute EGP 100 million to the loan.

Bank Audi and Al Baraka Bank are slated to contribute EGP 100 million and EGP 60 million to the loan respectively, but they have not sent final approvals yet.

The definitive loan agreements are expected to be signed next month after the banks meet to agree on the value of their contributions to the loan, sources added.

The total investment cost of the pellet factory is valued at EGP 800 million. Pellets are used in steel industries. The expected productive capacity of the factory is 350,000 tons annually that will be used in El Marakby factories.