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Orascom, Arab Contractors seek LE5 bln loan from NBE & Banque Misr

Orascom, Arab Contractors seek LE5 bln loan from NBE & Banque Misr

Arab Finance: Orascom Construction Limited (ORAS) and Arab Contractors Company are conducting negotiations to obtain a loan ranges between LE3 billion to LE5 billion.

A senior official said the loan is to execute 3 tunnels in Suez Canal, adding that National Bank of Egypt and Banque Misr will be arranging the loan.

The loan will be granted either as letters of guarantee or by overdraft account, the official added.

He predicts to finalize the procedures by end of next May.

It is worth mentioning, the stake of each bank is not set till now until identifying the final value of the loan.

Source: AlBorsa newspaper & Arab Finance editor

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