QNB Egypt has arranged a medium-term syndicated loan totalling EGP 11.98 billion ($225.6 million) for privately held contractor Kased Khair for General Supplies and Contracting, to support infrastructure works at East Port Said Port.

The project, spanning a total length of 6,050 meters and featuring a draft depth of 22 meters, is expected to strengthen Egypt’s position in global maritime trade and logistics, given the port’s proximity to the Suez Canal.

The bank acted as initial mandated lead arranger, bookrunner and facility agent, coordinating a 12-bank consortium to finance the development of new marine berths at the strategically located port. The size of the facility highlights continued lender willingness to back large-scale infrastructure projects executed by private-sector contractors.

The syndicate includes Banque Misr, National Bank of Egypt, Banque du Caire, Arab African International Bank, ALEXBANK and National Bank of Kuwait – Egypt as initial mandated lead arrangers. Kuwait Finance House – Egypt, Al Baraka Bank Egypt and MIDBANK joined as lead arrangers, while NXT Bank and Industrial Development Bank acted as arrangers.

Financial terms of the facility were not disclosed. 

Details on the allocation of commitments among participating banks, as well as any security package or government backing, were also not made available. It was further unclear whether the financing includes multiple tranches or Islamic components, despite the presence of sharia-compliant lenders in the syndicate.

(Writing by Ahmad Mousa; editing by Daniel Luiz)
Ahmad.mousa@lseg.com