Banking consortium in Egypt inks $47.50mln syndicated loan deal with CRC

SAIB and NBE will each contribute $19mln

  
Customers are seen at the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 10, 2016.

Customers are seen at the National Bank of Egypt (NBE), also known as the Al Ahli Bank in Cairo, Egypt March 10, 2016.

REUTERS/Amr Abdallah Dalsh

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.

Source: Mubasher

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