Arab Finance: A banking consortium made up of HSBC Egypt and aiBANK and led by Banque Misr has managed to seal a long-term financing agreement worth EGP 1.2 billion for Egyptian Vehicles Manufacturing Co - Ghabbour Egypt, as per an emailed press release.
The loan aims to finance 60% of the estimated investment cost for establishing a car assembly project in Sadat City for several brands.
The project aims to scale up Ghabbour Egypt’s production capacity and boost the localization of car manufacturing industry in Egypt.
The project’s total investments are estimated at EGP 1.9 billion.