NBE To Sign Loan Agreement With El Marakby Next January

The National Bank of Egypt (NBE) and Misr Iran Development Bank are receiving final approvals from banks to contribute to the EGP 510 million loan arranged for El Marakby for Metallic Industries. The loan agreement will be signed next January.

Sources said Misr Iran Development Bank, the loan’s main arranger and guarantee agent, approved to contribute EGP 150 million to the loan. Bank Audi Egypt studies to contribute EGP 100 million to the loan. NBE, the main arranger and facility agent, is expected to contribute EGP 260 million to the loan after receiving the final approvals from other banks.

The total investment cost of the pellet factory in Sixth of October City is valued at EGP 800 million. Pellets are used in steel industries. The expected productive capacity of the factory is 350,000 tonnes annually that will be used in El Marakby factories.