BM Studies EGP 210 mln Loan For Orascom Construction

Banque Misr studies participating in the US$ 300 million loan for Orascom Construction Industries with US$ 35 million (=EGP 210 million) to repay the nominal bonds, Orascom owes, whose value is EGP 1.65 billion, said Mohamed Abbas Farid, vice chairman of Banque Misr.

Orascom Construction Industries announced earlier that the refinance will be used to repay the US$ 1.9 billion funds given to fertilizers unit from Egyptian and international banks and financial institutions besides the US$ 200 million fund given by International Finance Corporation.

In addition, Banque Misr studies offering a US$ 130 million fund (=EGP 780 million) to finance the letters of credit (LC) and letters of guarantee (LG), in value to EGP 300 million, in which Egyptian Refining Company plans to open for both Egyptian General Petroleum Corporation and Citadel Capital; domestic investors of the company.