NBE leads major loan to build campuses for European universities in Egypt
The National Bank of Egypt (NBE), the country’s largest public lender, has led a 962 million Egyptian pound ($61.2 million) syndicated loan from a consortium of local banks to finance building campuses for European universities in the country.
The consortium, involving the Egyptian Arab Land Bank (EALB) and the Industrial Development Bank (IDB), will be securing the seven-year syndicated loan for Scientific Research, Education, and Development Corporation.
New campuses of European universities such as the University of London and the University of Central Lancashire will be established in the country’s new administrative capital as part of a giant project, said Mahmoud Hashem Abdel Kader, chairman of the board of trustees of the European Universities in Egypt (EUE).
According to Ahmed El-Sersy – NBE’s head of the Syndicated Loans Sector, the NBE will contribute 462 million pounds to the loan, while Industrial Development Bank of Egypt and EALB will commit 200 million pounds and 300 million pounds, respectively.