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Banque Misr Leads the Financing of 212 Railway Wagons with SEMAF Factory
11/11/2013
Banque Misr along with a consortium of 4 other banks have signed on 26 September 2013 a syndicated loan agreement with Railway Equipment Factory – SEMAF amounted € 96 million (about EGP 960 million). In addition to Banque Misr, the 4 other contributors to Semaf’s loan are the National Bank of Egypt (NBE), Commercial International Bank – Egypt (CIB), Société Arabe Internationale de Banque (SAIB), and the Egyptian Gulf Bank (EGB). The loan is designated to purchase 212 air-conditioned railcars from SEMAF to the Egyptian Railway Authority (ERA). The parts of the cars to be imported from Italy with € 96 million.
The signing ceremony was attended by Lieutenant General Abdel Aziz Seif El-Din, Chairman of The Arab Organization for Industrialization, Lieutenant General Ibrahim Younis, General Director the Arab Organization for Industrialization (AOI), Eng. Abdel Rahman Hussien, Chairman of SEMAF, Eng. Hussein Zakaria, Chairman of Egypt's National Railways Authority, Mr. Mohamed Abbas Fayed - Vice Chairman of Banque Misr and leaders from the other banks.
Elsewhere, a part of Banque Misr's keenness is to gain satisfaction of its clients by meeting all their demands by offering diversified services and products such as mortgage finance loan. The amount of the loan is up to EGP 3 million and the it finance 90% of the purchased unit, moreover the loan offers a grace period of 15 years.  The mortgage loan product is designed to suit all the segments from private and public employees to the owners of the small and medium enterprises (SMEs).