Back to the complete issue
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.

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. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.