NBE Considers EGP 1.9 Mln Syndicated Loan For Roads & Land Transport Authority

National Bank of Egypt (NBE) mulls arranging a syndicated loan for the General Authority for Roads, Bridges & Land Transport. The loan will finance between 70% and 75% of the investment cost needed for the construction of Shubra-Benha highway road worth EGP 2.6 billion.

Sources told Amwal Al Ghad that NBE is currently carrying out financial, commercial and economic studies as it considers arranging and contributing in providing finance for the project. NBE signed a memorandum of understanding with Ministry of Transport to finance the establishment of the road last May.

The value of the finance was not decided yet, but a consortium of large Egyptian banks is expected to provide EGP 1.9 billion, sources added.

The new road will be designed to include five lanes in each direction and intersect two roads: Qalioub-Shebin El Kanater highway road and Toukh- Shebin El Kanater highway road.

Galal Saeed, minister of transport, earlier announced that the technical and economic studies of the Shubra-Benha highway road were finalized, affirming the importance of the project in reducing the traffic pressure on Cairo-Alexandria highway road.