Four Egyptian banks are currently arranging a USD 131 million (EGP 921 million) loan for the Egyptian General Railway Equipment Company (SEMAF), which will be used to finance the manufacturing of 212 railway carriages for the Egyptian Railway Authority, an official source told Zawya.
SEMAF, a subsidiary of the Arab Organization for Industrialization (AOI) of the ministry of military production, has won a tender for the delivery of 212 railway carriages.
The company is set to manufacture the required air-conditioned carriages from stainless steel, in various categories (five VIP carriages, 69 first-class carriages, 115 second-class carriages and 23 second-class catering carriages).
According to Mahmoud Montasser, board member of the National Bank of Egypt (NBE), the loan is being arranged by NBE, together with Banque du Caire, Misr Bank and the Commercial International Bank at equal contribution ratios.
"We anticipate all loan arrangements to be finalized and completed this month, upon approval of the participating banks," said Montasser.
Established in 1959 and acquired by the AOI in 2004, the SEMAF factory manufactures railway equipment through its plant located in Ain Helwan in the Cairo governorate. It commenced production of underground metro carriages, railway carriages and other metal industries in 1988.
© Zawya 2013
