ArabFinance: Vetopharm International for Pharmaceuticals and Chemicals signed a credit facility agreement worth EGP 650 million from local banks to finance its new factory, Al Borsa News reported on November 2nd.
Located in Borg el Arab Industrial Zone, the production facility aims to strengthen local output in the pharmaceuticals sector, the news portal added.
The loan carries a seven-year tenor, with a grace period of up to two years, at an interest rate of 8%, Al Borsa added.
The lenders include Export Development Bank of Egypt, the Egyptian Arab Land Bank, Industrial Development Bank, Suez Canal Bank, as well as Housing and Development Bank, according to the news website.
Financial sources earlier told Shorouk News that the COVID-19 pandemic increased the credit lines granted to pharmaceuticals and medical supplies companies.
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