Six banks to arrange $311mn loan for Egypt’s Food Industries Holding

Egypt’s third biggest state-run bank, Banque Du Caire takes part in arranging a multi-billion pound loan for the state-run Food Industries Holding Company (FIHC), the bank’s board member said Thursday.

Speaking to Amwal Al Ghad, Ayman Mokhtar stated that Banque Du Caire along with five banks would secure a loan worth 2.5 billion Egyptian pounds (US$311 million).

The loan is a two-year term, and it will be in form of revolving credit facilities. It will go for the purchase of supply commodities in favour of the country’s consumer complexes, Mokhtar added.

Banque Du Caire is joining Banque Misr, QNB Alahli, Arab African International Bank (AAIB), and AlexBank in arranging FIHC’s loan, Mokhtar said referring that another Gulf-based bank is still studying participation.

The five banks will soon obtain the approvals from their boards of directors so as to agree on the final contributions to the FIHC’s loan, the banking official added.