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Banque du Caire arranges two loans for petroleum sector worth EGP 4-5bn - Daily News Egypt

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Banque du Caire arranges two loans for petroleum sector worth EGP 4-5bn

The bank is considering contributing to the Islamic loan, which is arranged by Banque Misr for Egyptian Iron, worth EGP 200m


Banque du Caire will soon arrange two loans for the oil sector with a value of EGP 4-5bn, according to a senior banker.

The source, who declined to be named, refused to disclose the names of the beneficiaries of the two loans until negotiations on them ended.

He pointed out that the petroleum sector is one of the most important sectors of interest to the bank and puts it at the top of its priorities, whether to inject direct financing or arrange joint loans for its benefit, along with several other sectors, particularly electricity, transport, food industries, and real estate sector.

According to the source, Banque du Caire aims to inject between EGP 4-5bn in joint loans in favor of several economic sectors until the end of 2018.

The joint loan portfolio with Banque du Caire is currently around EGP 15bn, including documentary credits and letters of guarantee.

“Banque du Caire is considering acquiring a stake of about EGP 3bn from the loan arranged by the National Bank of Egypt (NBE) for the Egyptian Electricity Transmission Company (EETC), worth a total of EGP 19bn,” the source said.

He added that the bank is participating in an alliance of the National Bank of Egypt (NBE), the Commercial International Bank (CIB), and the Arab African International Bank (AAIB) to arrange a loan of €300m for the Suez Canal Authority, adding that the bank intends to participate in the loan with €20m.

According to the source, the bank is participating in the same alliance in the arrangement of a loan for the Egyptian Railway Authority worth €65m for the purchase of 100 tractors, and Banque du Caire intends to get a share of €10-15m of this loan.

He added that the bank is considering obtaining a share of EGP 300m from the loan arranged by the NBE, CIB, Banque Misr, and AAIB for Roiaa Group for Real Estate Investment & Tourism of total investments worth EGP 3bn.

According to the source, the bank is considering participating in the loan arranged by Banque Misr in Islamic financing formulas for the Egyptian Iron Factory in Beni Suef belonging to Abu Hashima Group.

The total value of this loan is EGP 2bn to finance working capital, and Banque du Caire intends to participate in the value of EGP 200m.

On the role of the bank in supporting the tourism sector and whether it intends to inject new funds in this sector, the source said that the bank is only at this time implementing the initiative of the Central Bank of Egypt (CBE) concerning the scheduling of debts related to workers in this sector and the renewal of tourist facilities only, until tourism is fully recovered.

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https://www.dailynewsegypt.com/2017/11/05/banque-du-caire-arranges-two-loans-petroleum-sector-worth-egp-4-5bn/
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