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Tuesday, 8 September 2020

NBE, BdC arrange EGP 3 bn to EgyptAir

The National Bank of Egypt (NBE) will provide EGP 1.8 bn of a 10-year, EGP 3 bn loan to EgyptAir being arranged by Banque du Caire, with BdC covering the remainder, Al Mal reports. The national flag carrier had been seeking the loan earlier this year as it came under pressure from lower volumes during the covid-19 pandemic. EgyptAir has sustained losses of some EGP 3 bn since covid-19 grounded global travel and the company’s foreign debt currently stands at EGP 13 bn, said EgyptAir holding company president Mohamed Zakria. EgyptAir earlier this year received a EGP 2 bn loan from the Finance Ministry that will see the government service the carrier’s debt until its operating capacity reaches 80% of levels achieved in 2019. The EGP 3 bn loan brings the total amount of pandemic financing obtained by the airline to EGP 5 bn.

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