United Bank Considers Contributing With EGP 25 Mln To East Delta Loan

The United Bank has given a preliminary approval to contribute to the loan worth US$ 120 million arranged by the National Bank for Development (NBD) for the East Delta Electricity Production Company.

Sources told Amwal Al Ghad that United Bank studies offering about US$ 4.13 million (=EGP 25 million) only as the bank had earlier contributed with EGP 100 million to the loan arranged by the National Bank of Egypt for the same company. The bank considers contributing with such value so as not to exceed the lending limit set by the Central Bank of Egypt for each customer.

Al Baraka Bank, Faisal Islamic Bank, Bank Audi and Banque Misr are among 9 banks which have given preliminary approvals to contribute to the sharia-compliant mudaraba syndicated loan targeted to finance importing of turbine spare parts, sources added.

These banks did not decide yet their contributions to the five-year finance yet.