The loan’s arrangers, included National Bank of Egypt (NBE), Banque Misr & Banque De Caire, have agreed to pump EGP 700 million as additional funding for Ezz Steel’s EGP 1.8 billion loan to reach EGP 2.5 billion.
Informed sources, in exclusive statements to Amwal Al Ghad, said that tomorrow the banks shall sign the loan’s final contracts with the participation of 12 banks so as to pay the loan’s first segment.
It is worth mentioning that the loan is allocated to finance factory for Steel Rolling Mill in Ain Sokhna, Suez. Ezz Steel, before the eruption of 25th January Revolution, withdrew EGP 900 billion out of the loan’s total value. Ahmed Ezz, one of the dissolved National Party’s symbols, was fined EGP 600 million because of the Steel License was against the law.