Samcrete Egypt signs $180 mln deal with 6 banks

Samcrete Egypt Engineers and Contractors  has signed a short-term financing deal worth 3.1 billion pounds ($180 million)  with a consortium of six banks.

he consortium of financers includes the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Societe Arabe Internationale De Banque (SAIB), Export Development Bank Of Egypt (EBE), and Suez Canal Bank (SCB).

The facility is  aimed at funding Samcrete’s contracts with New Urban Communities Authority (NUCA) to carry out  R5 district in the New Administrative Capital.

The NBE and Banque Misr will contribute 750 million Egyptian pounds to the loan, according to a bank statement.

Banque du Caire and SAIB will contribute  500 million pounds to the facility, whereas EBE and SCB will disburse 300 million pounds.