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Banque Misr Contributes EGP 3 Billion as the Account Bank, in a Banking Alliance to Provide Syndicated MTL valued EGP 12.3 Billion to Develop Abu Qir Port in Alexandria through Gharably Integrated Engineering Company
Banque Misr participated in a banking alliance incorporating a number of Egyptian banks – as the account bank – to provide medium term lending valued EGP 12.3 billion to Gharably Integrated Engineering Company (GIECO), for financing a portion of the operation assigned by the Egyptian Navy towards developing the new Abu Qir Port – by way of northern and southern extensions – and developing the New Abu Qir City; valued EGP 19.06 billion. The alliance included the National Bank of Egypt – as financing agent – the Commercial International Bank, National Bank of Kuwait, Banque du Caire, Credit Agricole Egypt, the Egyptian Export Development Bank, Bank of Alexandria, Suez Canal Bank, United Bank and Arab Investment Bank.
Following signature, Mr. Akef El-Maghraby – Vice Chairman of the Board of Directors of Banque Misr – stated: “The Bank’s participation in provisioning the syndicated loan comes with the objective of implementing the development of new Abu Qir Port through northern and southern expansions and developing the New Abu Qir City, which supports the state’s efforts towards driving trade – this being a key element in increasing GDP. Ports are of the utmost importance to the state and the national economy, since they are the crossings of imports and exports, while also being among the state’s critical gateways. The presence of these ports contributes to promoting foreign trade, which in turn, boosts the economy and GDP. The Bank consistently seeks to endorse major national projects that positively reflect on the Egyptian economy. Moreover, the success of the syndicated loan underscores the trust and confidence in the participating banks and in their ability to support economically viable projects. It further supports their role in driving production and providing more employment opportunities, affirming the robustness of the Egyptian banking sector.”
Mr. Akef El-Maghraby also commended the fruitful collaboration between all the participating banks, which has resulted in successfully completing the deal; as well as the vital role played by the Egyptian banking sector in supporting the national economy. The participation of Banque Misr in this endeavor complements its leading role in driving the Egyptian economy – especially since the ports sector is considered one of the most influential sectors of the economy, owing to its impact on a large number of industries and activities that the Bank keenly finances, in order to provide more employment opportunities and serve the state’s overarching development plans. The Bank also consistently partakes in various initiatives and protocols that are conducive to these plans.