Cairo – A banking consortium comprised of Societe Arabe Internationale de Banque (SAIB), the National Bank of Egypt (NBE), and Suez Canal Bank signed a medium-term syndicated loan worth EGP 750 million with Construction and Reconstruction Engineering Co. (CRC), a subsidiary of Dorra Group.
SAIB and NBE will each contribute EGP 300 million to the funding, while Suez Canal Bank will contribute EGP 150 million, according to a statement on Sunday.
SAIB’s chairman Tarek El-Kholy affirmed the bank’s continuous support to the national economy and all economic sectors in these unprecedented circumstances in the light of the novel coronavirus (COVID-19) outbreak.
It is noteworthy to mention that during 2019, SAIB turned profitable with $12.39 million, versus net losses of $19.25 million in 2018.
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