Port Said Steel Loan Arrangers To Sign Terms & Conditions Memo In April

The National Bank of Egypt (NBE), Commercial International Bank (CIB), National Société Générale Bank (NSGB) and Bank Audi Egypt plans to sign the memorandum of conditions and terms of the EGP 1.119 billion loan arranged for the National Port Said Steel Company (NPSS) this month to cover part of the EGP 1.6 billion investment cost of the establishment of a new iron factory in Ain Sukhna.

Sources said the banks will hold a meeting with the company within the coming days to agree on the loan conditions.

The values of contributions to the loan are as follows: NBE (EGP 429 million), loan agent NSGB (EGP 370 million), loan guarantee manager Bank Audi (EGP 160 million) and CIB (EGP 160 million).

NBE plans to ask local banks to contribute EGP 130 million to the loan, while the other three banks will provide the total value of their contributions.

Amwal Al Ghad had earlier reported exclusively that a consortium comprised of NBE, CIB, NSGB and Bank Audi arranges a long-term syndicated loan for the National Port Said Steel Company (NPSS).

The values of banks’ contributions to the loan are as follows: