NBE and QNB Alahli to issue EGP300mn letters of guarantee to El Sewedy Cement
El Sewedy Cement Company has obtained the approvals of both National Bank of Egypt (NBE) and QNB Alahli for issuing two letters of guarantee worth EGP300mn to bid on two new cement licences offered by Industrial Development Agency (IDA). Sources said that the value of each letter of guarantee is EGP150mn. El Sewedy has submitted a request to IDA to obtain two licences out of a total of 14 offered by the agency, with a production capacity of 2 million tonnes per year for each project. (Al Mal)
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