NBE, Banque Misr, CIB to Provide € 96 Mln to SEMAF

The National Bank of Egypt, Banque Misr and Commercial International Bank are studying to grant Railway Equipment Factory – SEMAF, affiliate of Arab Organization for Industrialization credit facilities worth € 96 million (about EGP 912 million).

Informed sources said, in exclusive statements to Amwal Al Ghad, that the loan shall be allocated to develop 212 wagons. Whilst the banks are working in order to finish the studies of the funding.

The sources pointed out that one or two bank may enter the alliance to fund SEMAF’s loan besides NBE, Banque Misr and CIB. The sources added that the banks’ shares have not been set yet and it is expected to be determined after reaching the final form of the funding structure.

It is worth mentioning that, in 2004 SEMAF has been joined to the Arab Organization for Industrialization (A.O.I).  Whereas SEMAF was established in 1955 for manufacturing and equipping railways rolling stock. In 1958 Freight wagons are produced. In 1969 passenger coaches are produced. Equipping and manufacturing Metro / Tram subway metro in 1978 and in 1988 underground metro are produced. The Arab Organization for Industrialization (AOI) is one of the largest industrial organizations in Egypt. It is State-owned and enjoys an international status that gives it complete flexibility in decision-making. AOI strategies are drawn by a Supreme Committee whose Chairman is the President of Egypt and whose membership comprises several Cabinet ministers.