Banque Misr Offers Egyptian Steel Group EGP 275 Mln Bridge Loan Next Week

Banque Misr will sign the definitive agreement of the EGP 275 million bridge loan offered to the Egyptian Steel Group, owned by Ahmed Abu Hashima, next week. The bank still arranges EGP 1.07 billion loan for the company with Bank Audi.

Sources revealed that the loan arrangers are close to signing the definitive agreement of the loan that will be used to finance Egyptian Steel Group’s new factory in Beni Suef. The Group will be given seven-year term loan with a grace period of two years and repayment period of five years.

The Egyptian Arab land Bank (EALB) and United Bank – Egypt consider contributing EGP 150 million and 50 million, respectively to the loan.