Egyptian Gulf Bank Joins Consortium Funding El Marakby

The Egyptian Gulf Bank (EGB) has approved to join the banking consortium that arranges EGP 510 million loan for El Marakby for Metallic Industries.

EGB targets to contribute from EGP 50 million to EGP 100 million to the National Bank of Egypt’s contribution to the loan which is EGP 250 million. The banking consortium is comprised of NBE, Misr Iran Development Bank, Al Baraka Bank of Egypt and Bank Audi Egypt.

Misr Iran Development Bank has sent its final approval to NBE to contribute EGP 100 million to the loan. Bank Audi and Al Baraka Bank of Egypt will contribute EGP 100 million and EGP 60 million to the loan, respectively.

The definitive loan agreement will be signed next month after banks meet to agree on the value of their contributions to the loan, sources added.

The total investment cost of the pellet factory is valued at EGP 800 million. Pellets are used in steel industries. The productive capacity of the factory is expected to reach 350,000 tons annually and they will be used in El Marakby factories.