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Sunday, 23 August 2020

Local banks joining UAE’s Mashreq in arranging USD 360 mn loan to Evergrow

At least five banks — the National Bank of Egypt, Banque Misr, Suez Canal Bank, the Housing and Development Bank, and EG Bank — are participating in a USD 360 mn loan the UAE’s Mashreq Bank is arranging for Evergrow Speciality Fertilizers, reports Al Shorouk. Evergrow will use the loan to restructure its debt and complete the third phase of its fertilizer plant in Sadat City. The Arab African International Bank, Banque du Caire, Al Ahli Bank of Kuwait, and HSBC are also mulling participating in the loan, according to the newspaper.

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