02 July 2019
Egypt's SAIB Bank announced on Tuesday that it has successfully arranged a syndicated medium-term loan of 750 million Egyptian pounds ($45 million) for Kharafi National Company to finance the Kuwaiti contract's projects in Egypt.
The private bank said in a statement that group of lenders included itself, Export Development Bank of Egypt (EBE), Industrial Development Bank (IDB) and Al Baraka Bank Egypt, adding that it acted as the arranger and guarantor for the loan.
SAIB's share of the loan was 200 million pounds ($12.05 million), EBE's was 300 million pounds ($18 million), Industrial Development Bank's share was 150 million pounds ($9 million) and Al Baraka Bank Egypt contributed 100 million pounds ($6 million), the statement noted
SAIB Bank Chairman Tariq Al Khooli told Thomson Reuters Projects that Kharafi National would use the loan proceeds to fund its projects in Egypt which includes the 25.8 million pounds ($1.5 million) Eastern Sohag power station; a 348.6 million pounds ($21 million) sewage network project in El Sharkeya Governorate, a 137.2 million pounds ($8.3 million) drainage network project in El-Beheira governorate, a sewage station project in Mostakbal City and construction work at Cairo Airport.
Al Khooli said the successful closing of the loan highlights the capability of Egyptian banks to finance government and private sector projects that positively impact the country's economy.
Egypt's construction sector employs 15 percent of the country's labor force and accounts for 12 percent of its Gross Domestic Product (GDP), he added.
(1 US Dollar = 16.59 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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