Egyptian Gulf Bank Considers Pumping EGP120mn in NPSS’s Loan

Egyptian Gulf Bank (EGB) is considering contributing in National Port Said Steel Company (NPSS) loan with stake ranging between EGP100-120 million.

A source near from the funding talks told Amwal Al Ghad on Sunday that EGB will send the final approvals to Commercial International Bank (CIB) after firstly obtaining the approval of board of Directors and identifying the value of EGB’s contribution in the loan.

NPSS’s EGP1.7 billion loan will be directed to fund part of the investment cost to provide production line for NPSS’ steel plant in Ain Al Sokhna. investments exceeded EGP1.2 billion.

Five banks will join the arranged loan including CIB, AlexBank, Bank Audi, Ahli United bank (AUB) and Emirates NBD.

The National Port Said Steel Company (NPSS) is one of subsidiaries of the Egyptian Steel Group, which is owned by steel tycoon Ahmed Abou Hashima.

National Port Said Steel established its first plant in 2000 with a designed capacity of 350,000 tons/yr steel Rebars located in Port Said city.