Egyptian banks are considering a US$300 million loan to the Suez Canal Authority (SCA) to assist it with its financial requirements, economic daily Al-Malnewspaper reported, quoting banking sources.
The report explained that Banque Misr has attempted to acquire dollar loans from international financiers and offer dollar bonds on foreign markets in order to finance its loans for “national projects adopted by the state”, adding that major banks are expected to contribute to the joint loan.
Banque Misr, along with seven other banks, has loaned the SCA $1 billion. The other banks include the National Bank of Egypt, Banque du Caire, the Arab African International Bank, the Commercial International Bank, Mashreq Bank, Emirates Dubai Bank and the Arab Jordan Investment Bank.
Along with the National Bank of Egypt, the Arab African International Bank and the Commercial International Bank, Banque Misr also provided the SCA with a bridge loan worth $400 million to settle the dues of foreign entities working on the New Suez Canal project.
Egypt’s government banking sector has managed to collect nearly LE64 billion through investment certificates bought by citizens to finance the project, which was inaugurated in August.