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  Banque Misr Leads Banking Consortium to Sign an EGP 325 Million Syndicated Loan Agreement to Finance River Transportation Fleet

In one of the biggest, unprecedented financial deals this year, and out of Banque Misr’s devotion to support the national economy and financing economically viable projects in addition to backing the various industries that drives the wheel of economic development, the Bank signed a syndicated loan contract worth EGP 325 million with the National River Transportation Company (part of Citadel Group). In addition to Banque Misr, the syndicated loan contract also involves the Arab African Bank and Bank of Alexandria as lead arrangers and underwriters of the overall coverage of the loan amount.

Vice-Chairman Mr. Mohammed Ozalb represented Banque Misr’s senior management while the contract was signed by Mr. Mohammed Abbas Fayed, General Manager of the Corporate Department and the Corporate Credit and Syndicated Loans Department. This project comes in line with the Ministry of Transport’s plan to establish an integrated transportation network to support internal trade, which will in turn contribute to attract more foreign investments.

It is worth mentioning that Banque Misr covered the largest portion of the loan, amounting to EGP 122 million, followed by the Arab African international Bank -covering EGP 108 million-, and Bank of Alexandria, covering EGP 95 million.

The 7-year loan will be used to finance the construction of a river fleet consisting of 54 units which operate according to the latest shipping technologies. This is the first phase of the project which will cost EGP 655 million in total, and aims to construct a total of 92 barges

This project is a qualitative leap in terms of environmental preservation, fuel economy, and the reduction of transportation costs for all sorts of goods, which will eventually lead to higher economic returns and provide social benefits to all involved parties.