NBE Mulls Granting EGP 250 mln Credit Facilities for Egypt’s BMIC

The National Bank of Egypt (NBE) is considering to grant credit facilities worth EGP 250 million for Building Materials Industry Company (BMIC) which affiliated to Egypt Kuwait Holding Co SAE (EKHO.CA).

An official source in NBE said the company is aiming to obtain finance in order to use natural gas and coal instead of diesel with total investment of EGP 350 million.

The source added that NBE has arranged  joint loan for the company up EGP1.2 billion since 2009.

NBE arranged loans for the real estate sector worth EGP 4.2 billion, including MAF Futtaim which worth EGP 3 billion with the participation of a number of banks, as well as a loan for Hyde Park company worth 1.2 billion with the participation of 5 other banks.

NBE’s loan portfolio up EGP 115 billion, it has the largest deposits volume in the banking sector with value more than EGP 326 million.