NBE to Arrange EGP 15 Bln Syndicated Loans For 6 Projects

The National Bank of Egypt (NBE) studies arranging a number of syndicated loans worth EGP 15 billion for 5 to 6 projects in different vital sectors, said Mahmoud Montasser, board member and head of credit sector at NBE.

The bank arranges syndicated loans so as to reduce the finance risks, Montasser affirmed.

On the sidelines of the roundtable held under the title of “Financing Petroleum Sector”, Montasser said NBE’s corporate loans portfolio registered EGP 75 billion at the end of FY 2011/2012. In addition, the bank injected EGP 14 billion to the Egyptian market in the same period.

Montasser expected the Monetary Policy Committee at the Central Bank of Egypt to keep interest rates unchanged until the end of the current year. Increasing interest rates in the current period would affect negatively  Egypt’s investments which are expected to increase after electing a new president to the country after 2011’s revolution, Montasser explained.