Egypt’s Ahli United Bank agreed to contribute around EGP 400 million to National Port Said Steel Company (NPSS)’s EGP 1.7 billion loan, a source near from the funding talks told Amwal Al Ghad.
The source also added that the other banks have not decided yet about the amount of their contributions to the loan.
Commercial International Bank – Egypt (CIB – Egypt), Bank Audi Egypt, Ahli United Bank, Emirates NBD, and AlexBank recently signed the terms and conditions of funding NPSS’ loan.
The loan will be directed to fund part of the investment cost to provide production line for NPSS’ steel plant in Ain Al Sokhna.
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.