Bank Audi, NBD Invite Banks To Contribute To EGP 688 Mln Loan

Bank Audi and the National Bank for Development (NBD) will invite other banks to contribute to the EGP 688 million syndicated loan arranged for the Egyptian Company for Potash and Chemical Industries by the beginning of next August, sources told Amwal Al Ghad.

A number of Islamic banks and commercial banks with Islamic banking licenses have approved initially to contribute to about 60% of the value of the sharia-complaint loan, sources said. The Istisna and Ijara finance will be used to finance the establishment of a factory for fertilizers.

The consortium was named the financier after a fierce competition with the National Bank of Egypt, Banque Misr, Alex Bank, Credit Agricole and NSGB.

Bank Audi and NBD earlier signed a finance contract worth EGP 120 million with New Minya Company at the end of Q3 of 2012 to finance the establishment of Deraya University. NBD and Bank Audi each contributed with EGP 60 million to the Murabaha loan offered to Deraya University.