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Sunday, 12 September 2021

Evergrow to receive loan to restructure debts + Arkan Palm gets EGP 1.5 bn for Sheikh Zayed development

Evergrow is getting a loan to restructure its debts: A consortium of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE) has began to disburse the USD 400 mn loan agreed with Evergrow earlier this year, which the Egyptian fertilizer firm will use to restructure its debts and fund the construction of a new plant, according to Hapi Journal. Some USD 326 mn covers restructuring debt Evergrow already owes to the same banks, while the remaining USD 74 mn will finance the construction of the third phase of the company’s fertilizer plant in Sadat City.

ALSO: A syndicate of five banks has signed a long-term EGP 1.5 bn loan agreement to finance Arkan Palm’s mixed-use development in Sheikh Zayed, according to a statement (pdf). The syndicate was led by the Export Development Bank of Egypt, which provided EGP 650 mn. Also participating: Housing and Development Bank (EGP 350 mn), United Bank of Egypt (EGP 250 mn), the Suez Canal Bank (EGP 150 mn) and Midbank (EGP 150 mn).

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