Egyptian Steel Group, owned by the Egyptian businessman Ahmed Abu Hashima, is expected within this week to receive its long-awaited bridge loan from 3 local banks. Banque Misr, Bank Audi Egypt and Egyptian Arab Land Bank (EALB) will be signing this week to sign the definitive agreement to finance Egyptian Steel Group over a bridge finance worth EGP one billion. The loan was delayed due to the fact that Istisna (Manufacturing Finance) and Al-Ijara (Islamic lease) finances are new schemes in financing companies, senior source near from the loan deal told Amwal Al Ghad. The loan arrangers' contributors will be as follows: EALB and Audi (EGP 300 million for each); while Banque Misr will be entitled to provide the remaining value. The seven-year term loan is designated to finance the establishment of Egyptian Steel Factory in Beni Suef. The company will be given a grace period of two years and a repayment period of five years. Amwal Al Ghad earlier reported exclusively that Egyptian Steel Group submitted a request to the loan arrangers to receive a bridge loan in order to start executing the initial phases of the factory.
