NBAD Managing $1.5bln Bonds For Egyptian Government: CEO

The National Bank of Abu Dhabi (NBAD) has been selected to manage the issuing of Dollar bonds the government is officially promoting, at $1.5bln in the UAE, the UK and the US, according to NBAD’s CEO Ahmed Ismail Hassan.

The government has also consulted the NBAD in various projects, including electricity projects that it will implement in the upcoming period, he added.

Hassan confirmed, in the conference entitled “Egypt on the Rise – West-East Corridor” held Wednesday, that the bank is ready to provide funding to resolve Egypt’s energy crisis. He added that the bank prepared a five-year plan to promote its shares in Egypt, and is playing an important role in the Egyptian economy in the upcoming period.

He attributed this to the stability of Egypt’s economic situation, despite the internal and external challenges it faces.

“The Egyptian market is one of the most important markets that the Emirates group is involved in and puts high hopes on to boost growth, as Egypt and the UAE form an important corridor to link East and West, which qualifies those countries to play a vital role in the region,” said Hassan. “The NBAD is witnessing continuous growth in the Egyptian market, and the bank managed to arrange and manage a massive joint fund for vital sectors such as petroleum. The bank manage to provide $1.5bn in partnership with local banks.”

He noted that the NBAD is using the success of the investment to participate and manage the National Bank of Egypt’s (NBE) bonds, which are expected to be announced in the upcoming period.

Source: Daily News Egypt