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United Bank of Egypt contributes EGP 500M to syndicated loan for GIECO

United Bank of Egypt contributes EGP 500M to syndicated loan for GIECO

ArabFinance: A consortium led by the National Bank of Egypt (NBE) has been successful in providing a medium-term syndicated loan worth a total of EGP 12.3 billion to Gharably integrated Engineering Company (GIECO), United Bank of Egypt revealed in a statement.

United bank of Egypt has contributed to the loan with a sum of EGP 500 million, according to the statement.

The consortium comprises 11 banks, namely Banque Misr, Commercial International Bank (CIB) (COMI), National Bank of Kuwait Egypt (NBKE), Banque du Caire (BQDC), Credit Agricole Egypt (CIEB), Export Development Bank of Egypt (EDBE) (EXPA), Alex Bank, Suez Canal Bank (CANA), Arab Investment Bank (AIB).

The syndicated loan aims at partially financing the expansion of Abu Qir Port and the development of New Abu Qir city; this project is set for implementation at a total cost of EGP 19.06 billion, the bank highlighted.

NBE has participated in the loan with EGP 3.25 billion, Banque Misr took part with EGP 3 billion, and CIB contributed to the loan with EGP 1.022 billion, while NBKE contributed to the loan with EGP 1 billion.

Meanwhile, BDC and Credit Agricole added EGP 750 million each to the loan, and EDBE participated with EGP 700 million.

Moreover, Alex Bank, Suez Canal Bank, and United Bank contributed to the loan with EGP 500 million each, with AIB taking part with EGP 300 million.

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