Banque Misr Says Egyptian Steel’s EGP1 bln Loan Deal Is Signed

Banque Misr, Bank Audi Egypt and Egyptian Arab Land Bank (EALB) have signed on Wednesday the definitive loan agreement to provide Egyptian Steel Group with EGP 1.070 billion funding.

Mohamed Abbas Fayed, Vice Chairman of Banque Misr, told Amwal Al Ghad that the loan arrangers’ contributors will be as follows: EALB and Audi  (EGP 300 million for each); while Banque Misr will be entitled to provide the remaining value.

The seven-year term loan is designated 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.

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.