NBE and QNB Alahli grant bridge loan of EGP650mn to El Sewedy Cement
El Sewedy Cement Company has received a bridge loan of EGP650mn from National Bank of Egypt (NBE) and QNB Alahli to finance new cement licence obtained last year. Sources said each bank had provided EGP325mn, including a tranche in foreign currency of EUR14mn. The company will use the financing to pay the value of cement licence and make advance payments. The duration of the bridge loan is six months until the main loan of the project is arranged, which may amount to EGP4bn, the sources said.
Qatar National Bank AlAhli: EGP41.00 as of 15 Mar. 2017, MCap: USD1,690mn, QNBA EY/QNBA.CA
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