Back to the complete issue
Monday, 16 September 2019

NBE issues EGP 1.75 bn letters of guarantees for monorail projects

The National Bank of Egypt (NBE) issued six letters of guarantee worth EUR 64.9 mn (EGP 1.75 bn) to a consortium made up of Bombardier Transportation, Orascom Construction, and Arab Contractors for the 54 km monorail project, according to Al Shorouk. The credit facilities will be issued in two tranches, the first worth EUR 37.647 mn for the new administrative capital segment of the monorail, and the second worth EUR 27.211 mn for the 6th of October portion. The consortium signed a contract last month with the National Authority for Tunnels in Cairo worth more than USD 4.5 bn to work on two planned monorail lines. The government is currently seeking an additional USD 2.5 bn loan from European institutions.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.