NBD Starts Marketing The US$ 120 Mln Loan For East Delta

The National Bank for Development (NBD) has started the marketing campaign for the US$ 120 million loan offered to East Delta Company during this week through inviting Islamic banks and commercial banks with Islamic banking licenses to contribute in the loan.

Sources said the five-year term Mudaraba (Islamic partnership) loan will be directed to finance the importing of turbine spare parts.

Sources expected NBD to arrange more Sharia-compliant finances in the upcoming period for major sectors such as education, food industry, electricity and fertilizers.

In addition, NBD and Bank Audi have announced that they won their bid to act as a joint lead manager and book-runner of a loan with value of EGP 688 million to Egyptian Company for Potash & Chemical Industries to finance the establishment of a factory for fertilizers.