NBE and Banque Misr to provide EGP507 million loan to SECON
National Bank of Egypt (NBE) and Banque Misr inked a long-term financing contract with the Saudi Egyptian Construction Company (SECON) to provide EGP507.2 million, bringing the total value of loans given to the SECON Nile Towers project to EGP600 million. SECON has already obtained a bridge loan of EGP92.8 million from both lenders in 2013 to finance its Nile Towers project. Saudi Arabia aims to boost its investments in the firm, said the Saudi Assistant Minister of Finance and Chairman of SECON Mohammed Bin Hamoud Al-Mezyad. (Al Mal)
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