NBE arranges syndicated loan for $2.9bn oil refinery project in Upper Egypt

Hossam Mounir
2 Min Read

The National Bank of Egypt (NBE) announced on Wednesday that it has arranged the largest syndicated loan of its kind to Assiut National Oil Processing Company (ANOPC) to finance an oil refining project in Upper Egypt at an investment cost of $2.9bn.

Hisham Okasha, Chairperson of NBE, said that the bank always keen on providing the necessary financing needs for major projects, through the bank’s role as a financial advisor and arranging, managing and marketing syndicated loan deals with creditworthiness and high economic feasibility that lead to an increase in added value in the Egyptian economy.

Yehia Aboul Fotouh, Deputy Chairperson of NBE, said that the financing package represents external financing with an on-lending system, up to a period of 12 years, divided into two tranches, in line with the borrower’s financing needs and the nature of his activity, which also reflects the understanding, harmony and strength of the relationship between the bank and international financing parties.

He pointed out that NBE supported the borrower in financing this strategic project with innovative financing solutions and activities. In addition, the bank played the role of a financial advisor to ANOPC regarding providing the required financing for the project from international markets.

Sherif Riyad, CEO of corporate bank credit and syndicated loans at NBE, said that the bank supported the company in attracting international lenders with competitive terms and prices.

He explained that the bank has, during the past three years, coordinated with several financing, legal and technical bodies. It also helped ANOPC obtain credit approvals of international banks, namely Credit Agricole France, HSBC Bank, CDB Bank Italy, UniCredit Italy, Societe Generale Bank France, and BNP Paribas France.

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