NBD Secures Banks’ Approvals Over Contribution To East Delta Loan

Al Baraka Bank, Faisal Islamic Bank, United Bank, Bank Audi and Banque Misr are among 10 banks that approved to contribute to the sharia-compliant syndicated loan arranged by the National Bank for Development (NBD) for the East Delta Electricity Production Company, sources told Amwal Al Ghad.

The banks, that have given their approval, did not decide the value of their contributions to the US$ 120 million finance yet. The 5-year mudaraba loan will be directed to finance the importing of turbine spare parts, sources noted.

The National Bank for Development arranged a number of sharia-complaint finances such as the EGP 688 million finance for the Egyptian Company for Potash & Chemical Industries to establish a factory for fertilizers. The bank also contributed to the EGP 120 million short-term Islamic loan arranged by Bank Audi for New Minya Company to finance the establishment of Deraya University.