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Banque Misr leads a banking alliance to arrange a medium-term syndicated loan of 2.9 billion EGP for "Beshay Steel Group", to finance the strategic limit of the inventory needed to operate the Egyptian sponge iron (direct reduced iron) and steel company's
Banque Misr has recently led a banking alliance as the main arranger, guarantor, promoter, financing agent, and guarantee agent; with the mandate of raising enough funds for a 2.9 billion EGP medium-term syndicated loan to finance the strategic limit of the inventory needed to operate the production lines of the Egyptian company for sponge iron and steel. The alliance includes Banque Du Caire, and the National Bank of Egypt, as the main arrangers, guarantors, and funding promoters, in addition to HSBC, the United Bank of Egypt, and the Export Development Bank of Egypt as the main arrangers. The signing event was attended by a highly esteemed group of the participating banks' leaders and Beshay Steel Group management.
Mr. Akef Al-Maghrabi, Vice Chairman of Banque Misr, affirmed the bank's keenness to provide the necessary funds for industrial companies and major national projects in a way that enhances their capabilities to achieve an increase in production. The arrangement of this loan is an affirmation of Banque Misr's pioneering role in the economic and industrial development of this country, by supporting the national economy in various fields.
When it comes to financing major companies, Banque Misr is considered one of the leading national banks; it provides all types of projects with financial support in various sectors. During the period from 01/07/2018 to 30/06/2019, the bank managed to arrange, finance and participate in 8 financial operations, with a total amount of up to 20.45 billion EGP, in various sectors, such as: real estate investment, contracting, petroleum and gas, construction material, and financial services. The guarantee for these operations amounts to 10 billion EGP.
In light of the intensive marketing plans that the bank is adopting to attract new clients and to finance operations that aim at supporting various fields and sectors, the bank is currently seeking to finalize 21 operations from the major targeted financial operations, which are under consideration in various sectors, such as: real estate investment, land transport and means of transportation, petroleum and gas, agricultural crops, fertilizers, petro-chemicals, textile, financial services, etc. The total value of these operations amounts to 92.8 billion EGP, and the expected guarantee value for Banque Misr in these operations is approximately 26.4 billion EGP; in confirmation of its role as one of the leading national banks in the Egyptian banking market.