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Sunday, 29 August 2021

NBE, Banque Misr arrange EGP 3 bn for two state-run aviation firms

The National Bank of Egypt and Banque Misr have arranged EGP 3 bn-worth of syndicated loans for two airports: Lead arrangers NBE and Banque Misr will provide EGP 2 bn of the 10-year syndicated loans to state-run Egyptian Airports Company to finance the development of west Cairo’s Sphinx International Airport. NBE will loan out the remaining EGP 1 bn of syndicated loans to state-owned Egyptian Holding Company for Airports and Air Navigation for the development of St. Catherine International Airport, according to a press release (pdf).

The loans will be used to increase the airports’ current passenger capacity by building new terminals and adding runways, allowing St. Catherine Airport to process 600 passengers per hour, and Sphinx airport to triple its processing capacity to 900 passengers per hour. The developments are expected to ease pressure on Cairo International Airport, particularly following the planned opening of the Grand Egyptian Museum at the Giza plateau.

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