HSBC Considers EGP2bn Finances for Energy, Food, Contracting and Oil Sectors

HSBC Bank Egypt is studying to secure finances worth more than EGP 2 billion ($279.6 billion) for sectors of energy, food, contracting, oil and natural gas.

According to HSBC Egypt’s Chief Risk Officer Sahar El Damati, the proposed finances vary between loans for mega projects and funding the working capital for some firms.

El Damati further stated that HSBC Egypt funds around 19 economic sectors, notably the medium-sized projects. HSBC Egypt has recently inaugurated two branches, one in New Cairo district and other in Rehab City.

Elsewhere, El Damati has revealed earlier Thursday that HSBC Egypt is considering securing finances worth EGP 1 billion ($139.8 million) for 7 to 8 companies working in cement sector. The EGP 1 billion finances would go for boosting production capacity for some firms and switching to coal as an alternative source of energy for others.

In addition, she further said the bank is also studying to finance 4 power plants within the current phase, yet she declined to mention more details about the value of these anticipated finances.