Egyptian Banks, SCA to Arrange Syndicated Loans to Finance Drilling Processes

The governor of Central Bank of Egypt (CBE) Hisham Ramez revealed that meetings will be hold between Suez Canal Authority (SCA ) and banks in order to consider all the details of Suez Canal incision and the associated tunnels, in addition to studying the volume of finance through the syndicated loans.

The major part of finance will be provided through Suez Canal investment certificate that will be offered soon, as the total value of finance estimated at EGP60 billion, Ramez noted.

The certificates are the best choice in the light of the project’s need for urgent funding to finish it within a year of the start of drilling, he added.