AAIB Studies EGP 500 Loan Mln To NUCA

Arab African International Bank (AAIB) studies contributing with EGP 500 million in the syndicated loan to be offered to the New Urban Communities Authority (NUCA), said Mahmoud El-Sakka, head of corporate finance at AAIB.

The National Bank of Egypt, Banque Misr, Commercial International Bank (CIB), Banque Du Caire and AAIB are close to sign the final agreement of EGP 5 billion loan, El-Sakka told Amwal Al Ghad.

The 5-year loan will finance the Authority’s expansion plans through setting up strong infrastructure and providing facilities to the Authority’s projects.

In other respect, NUCA has suspended its plans for borrowing till the beginning of the next year when political and security situations are expected to be improved.

AAIB is also studying offering dual-currency loan with value of US$ 100 million as a contribution in the syndicated loan arranged by five banks for the Egyptian Chemical Industries Company (KIMA).