Banque Du Caire has given initial approval to the National Bank of Egypt (NBE) and Misr Iran Development Bank to contribute from EGP 100 million to EGP 120 million to the EGP 520 million loan arranged for El Marakby for Metallic Industries as the definitive loan agreement will be signed next month. The loan will be used to finance the establishment of a pellet factory in Sixth of October City. The investment cost of the project is valued at EGP 800 million. The productive capacity of the project will be 350,000 tons annually which will be used in El Marakby's factories. Banque Du Caire's board of directors will meet next Thursday to make their final decision whether to contribute to the loan or not, said Ayman Mokhtar, head of corporate credit sector at the bank. NBE plans to contribute from EGP 200 million to EGP 250 million to the loan, while Misr Iran Development Bank decided to contribute EGP 100 million to the loan. It is noteworthy that the Egyptian Gulf Bank and Arab Investment Bank consider to contribute to the loan.
