Construction outfit Gharably Integrated Engineering Company (GIECO) is set to receive a huge loan to develop the Abu Qir port, it said in a statement (pdf) last week. A syndicate of local state-owned and private sector banks have agreed to lend the company EGP 12.3 bn in what National Bank of Egypt Chairman Hisham Okasha says is the largest joint loan of 2021 and the largest financing for a contracting operation in recent years. The money will partly finance the expansion of the northern and southern sides of the port as well as the development of the new city of Abu Qir, which is expected to cost a total of EGP 19.06 bn.

Participating institutions include: National Bank of Egypt, which provided EGP 3.25 bn, Banque Misr, which contributed EGP 3 bn, CIB with EGP 1 bn, as well as the NBK Egypt (EGP 1 bn), Banque du Caire (EGP 750 mn), Credit Agricole Egypt (EGP 750 mn), Export Development Bank (EGP 700 mn), Bank of Alexandria (EGP 500 mn), Suez Canal Bank (EGP 500 mn), the United Bank of Egypt (EGP 500 mn) and Arab Investment Bank (EGP 300 mn).

Background: GIECO had in January signed an EGP 3.8 bn syndicated loan agreement to upgrade the port.