Egyptian Arab Land Bank pumps EGP100 million in Ezz Steel Loan

Egyptian Arab Land Bank (EALB) will contribute 100 million Egyptian pounds (US$13.1 million) to Ezz Steel Company’s loan, chairman Abdel Meguid Mohy El-Din announced.

In January, the National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) have signed a syndicated loan contract worth 1.7 billion pounds in favour of Ezz Steel Company.

Ezz steel’s board of directors  approved on all terms and conditions of facility agreement  with NBE and AAIB , alongside agreeing on obtaining  long-term facility in order to restructure the credit facilities and the granted loans for the company throughout paying  some of the current company’s debts. This is the first loan obtained by the company since January25 uprising in 2011.