EgyptAir Calls Banks to Take 2 Years Grace Period Due to Political Turmoil

Senior banking sources have informed Amwal Al Ghad that EgyptAir Company has offered demand to several banks to take grace period for two years due to the recent political events.

The sources said banks approved initially to let EgyptAir to take grace period in the light of the recession in which the tourism sector suffers that affected severely on the numbers of trips.

The sources explained that EgyptAir has recently obtained a loan worth US$60 million from Banque Misr and banking company for buying two Boeing 737-800 aircraft.

They added that the extension period up to 7 years and the company demanded to extend to 9 years so that the company will bear the premium’s interests.

Eng. Abdul Aziz Fadel, the Egyptian Minister of Civil Aviation has previously asserted that EgyptAir Holding Company and its subsidiaries firms occur EGP1.7 billion losses in the last fiscal year of 2012/2013.