SCA in talks with unnamed Gulf banks for EUR300mn to finance dredger purchase
The Suez Canal Authority (SCA) is in talks with unnamed Gulf banks for a EUR300mn loan to finance its agreement with Dutch Royal IHC to purchase two dredgers, three separate sources told Reuters’ Arabic service. A consortium made up of CIB, the National Bank of Egypt, Banque Misr and the Arab African International Bank had offered to provide SCA with the loan earlier this year, but banking sources said at the time that SCA was likely to borrow from international institutions that offered better rates and repayment conditions.
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