Banque Misr, NBE Arrange US$471mln Finance for Container Terminal in Port Said

National Bank of Egypt (NBE) and Banque Misr have arranged Co-Finance in favor of the port of East Port Said worth US$471million (EGP3.3billion).

The finance will be directed for establishing new container terminal for commodity trading of the port and this is the real start of Suez Canal Axis Development Project, Banking Sources said.

The establish of port comes in the framework of implementing Phase II and Phase III of the governorate’s port with finance from holding company and the three Container firms that affiliated to the company  in addition EGP3billion banking funds.

The plant’s Construction space up 100.000 square meters, along with 1200 quay length with EGP3.6billion investments and EGP10million capacity by 2017.

NBE and Banque Misr participated in several co-finances within the last year in various sectors most notably EGP3 billion of Majid Al Futtaim (MAF) loan and US$432million of KEMA’s loan beside the loan of Egyptian Company for producing Polyethylene that worth US$1.2billion.