Back to the complete issue
Sunday, 5 September 2021

Construction firm bags EGP 12 bn loan to finance Abu Qir port development

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.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.