SAIB To Contribute With EGP 150 Mln To Egyptian Steel Finance

Société Arabe Internationale de Banque (SAIB) will be contributing with Banque Misr, Bank Audi and National Bank for Development to the syndicated loan arranged for financing Egyptian Steel Factory owned by the businessman Ahmed Abu Hashima, sources told Amwal Al Ghad.

SAIB approved to contribute with EGP 150 million to the syndicated loan totaling EGP 1.070 billion which was earlier increased by EGP 170 million in order to cover the expenses of restructuring a steel factory in Alexandria, sources said.

The loan arranger will invite other banks to contribute to the finance in the upcoming period after agreeing on the value of the banks’ contributions to the finance. Banque Misr will be the largest financier, sources added.

The syndicated loan will finance the establishment of the Egyptian Steel Factory in Sohag. The seven-year loan gives a grace period of two years and repayment period of five years.