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Sunday, 20 September 2020

CIB, National Bank of Egypt, Banque Misr sign EGP 5 bn financing agreement for new multi-purpose terminal in Alexandria Port

DEBT WATCH- CIB, NBE, Banque Misr sign EGP 5 bn syndicated loan agreement to finance Alexandria Port multipurpose terminal: The National Bank of Egypt, Banque Misr, and CIB signed a EGP 5 bn syndicated loan agreement with state-owned Egyptian Group for Multipurpose Terminals (EGMPT) to finance the construction of a multi-purpose terminal in Alexandria Port, according to a cabinet statement. The remaining EGP 2 bn needed for the EGP 7 bn terminal will be provided by EGMPT’s majority shareholders: The Alexandria Port Authority, Suez Canal Authority, Holding Company for Maritime Transport, and Alexandria Container and Cargo Handling Company. The terminal’s construction is already in progress and is expected to be completed by the end of 2021, said Transport Minister Kamel El Wazir.

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