Banque Misr Offers Egyptian Steel Group EGP 275 Mln Bridge Loan

Banque Misr has approved to provide Egyptian Steel Group, owned by the Egyptian businessman Ahmed Abu Hashima, a bridge finance worth EGP 275 million until receiving the EGP 1.07 billion loan arranged by Banque Misr and Bank Audi Egypt.

The loan arrangers are close to signing the final agreements of the seven-year term loan that will be used to 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 value of finance was raised to EGP 1.070 billion from EGP 900 million in order to cover the costs of restructuring a factory for steel in Alexandria.

Amwal Al Ghad earlier reported exclusively that Egyptian Steel Group submitted a request to the loan arrangers to receive a bridge loan in order to start executing the initial phases of the factory.