HSBC Egypt mulls EGP1 billion Finances for 8 Cement Firms

HSBC Bank Egypt is considering securing finances worth EGP 1 billion ($139.8 million) for 7 to 8 companies working in cement sector.

According to HSBC Egypt’s Chief Risk Officer Sahar El Damati, the bank aims to fund boosting production capacity for some firms and switching to coal as an alternative source of energy for others.

El Damati also revealed that HSBC Egypt 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.