Arab Investment Bank of Egypt (AIB) is considering to arrange an EGP one billion syndicated loan in favour of tourism and contracting sectors.
AIB is currently conducting funding feasibility studies prior to inviting a number of banks to take part in the syndicated finance.
Speaking to Amwal Al Ghad on Thursday, AIB Chairman Hani Seif El-Nasr said his bank works within the framework of its expansion strategy, seeking to provide more banking services. In 2013, AIB has established a new management for the syndicated financing. Seif El-Nasr further added that AIB is aiming to become one of the key players in the syndicated loan market in Egypt, by arranging and managing such types of loans.
Moreover, the banking official referred that AIB has taken part in a number of syndicated loans, notably the EGP 3 billion for the state-owned Misr Petroleum and Petroleum Cooperative Society Co. (CO-OP), which was arranged by Banque Du Caire. In this loan, AIB contributed with around EGP 100 million to go for purchasing the crude and petroleum derivatives to be remarketed and distributed to petrol stations later.
AIB is also contributing to the EGP 2 billion loan for the state-owned Egyptian General Petroleum Corporation (EGPC), which is arranged by Société Arabe Internationale de Banque (SAIB). The loan is designed to meet with the EGPC’s urgent export and import needs through providing petroleum products in the local market.