Banque Du Caire Retreats From Contributing To Loan Offered To Egyptian Steel

Banque Du Caire withdrew its offer to contribute to the EGP 1.07 billion syndicated loan arranged for the Egyptian Steel Group, owned by the businessman Ahmed Abu Hashima.

The bank had earlier said it will contribute from EGP 200 million to EGP 300 million to the seven-year term Islamic loan, but the bank retreated because it does not want to contribute to long-term loans, said Ayman Mokhtar, head of corporate banking at Banque Du Caire.

The Islamic syndicated loan will finance the establishment of Egyptian Steel Factory in Beni Suef. The company will be given a grace period of two years and a repayment period of five years.

The bank also retreated from contributing to the EGP 4.8 billion syndicated loan arranged for the Upper Egypt Electricity Distribution Company, Mokhtar added.

The bank’s loans and credit facilities portfolio rose to EGP 11.7 billion and deposits portfolio reached EGP 42 billion at the end of last October.