Egyptian Gulf Bank Considers Contributing EGP 450 Mln To 4 Syndicated Loans

The Egyptian Gulf Bank (EGB) plans to contribute EGP 450 million to four syndicated loans arranged for petrochemicals, real estate, communications and iron industry sectors.

Sources revealed that the bank considers contributing EGP 150 million to the local-currency segment of the US$ 1.250 billion loan that will be offered to the Egyptian Ethylene and Derivatives Company (Ethydco) to finance the establishment of a complex of ethylene and polyethylene plants in Alexandria.

The bank also studies to contribute from EGP 50 million to EGP 100 million to the EGP 520 million loan arranged for El Marakby for Metallic Industries to establish a pellet factory in Sixth of October City.

The bank plans to ask the National Bank of Egypt (NBE) to contribute EGP 100 million to the loan arranged for MAF Holding to establish Mall of Egypt in Sixth of October City.

In addition, the bank considers contributing EGP 100 million to the EGP 2.9 billion loan arranged for the Egyptian Company for Mobile Services (Mobinil) to finance the expansion of the company’s cellular network and repayment of some of its debts.

Sources noted that the bank has set a strategy to expand in contributing to syndicated loans especially those arranged for important sectors such as petrochemicals, pharmaceuticals, food industries, iron industries and communications.