ArabFinance: State-run National Bank of Egypt (NBE) led a long-term joint financing worth EGP 2.05 billion for food company Faragalla Group, Al Mal News reported.

Faragalla will reportedly use the loan proceeds to finance its working capital and restructure the existing debts.

The NBE acted as the lead arranger as well as the financing and guarantee agent for a consortium comprising the Commercial International Bank (COMI), the Arab Bank, the Arab African International Bank, and Attijariwafa Bank.

The group also included the United Bank, Emirates NBD, and Qatar National Bank Alahly (QNBA), according to Al Mal.

Earlier this year, the NBE reportedly managed another joint loan worth EGP 3.5 billion for the Ezz Steel Group (ESRS).

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