EXCLUSIVE: share of 9 banks in Egypt’s EGAS loan

A consortium of nine Egyptian and Arab banks has completed arranging a loan worth 1.8 billion Egyptian pounds ($99.1 million) for state-run Egyptian Natural Gas Holding Co (EGAS).

The consortium comprises Banque Du Caire, Emirates NBD (ENBD), Arab Investment Bank (AIBK), Industrial Development and Workers Bank of Egypt (IDWBE), Export Development Bank of Egypt (EDBE), Egyptian Gulf Bank (EGBANK), Al Baraka Bank Egypt, National Bank of Greece – Egypt, and Al Ahli Bank of Kuwait – Egypt.

Banque Du Caire acts as the lead arranger, facility agent, account bank, and loan promoter for the EGAS’s loan, banking sources with knowledge told Amwal Al Ghad on Tuesday.

Designated to pay EGAS’ dues to foreign partners and local suppliers, the loan was fully disbursed last March,” the sources said.

The following table demonstrates the banks’ contributions to the loan, Amwal Al Ghad quoted the sources as saying:

EGAS will be given a two-year grace period and the loan will be paid back over five years.