Five banks including National Bank of Egypt (NBE), Commercial International Bank (CIB), Société Arabe Internationale de Banque (SAIB), Egyptian Gulf Bank (EGB) and Banque Misr are planning to restructuring medium-term fund which has signed in favor of Arab Organization for Industrialization (A.O.I) in order to fund railway equipment factory Semaf a loan worth € 96million. It was agreed that the funding is allocated to purchase 212 air-conditioned railcars with €96million (EGP960million) within the framework of the joint cooperation between Semaf and the Egyptian Railway Authority (ERA). A.O.I will meet the banks within the current June so as to agree on the new conditions for funding which involve converting €value to US$ due to the change of the foreign supplier which A.O.I deals with, in addition reviewing in the value of fund according to the new foreign suppliers, source said. The fund includes the major national projects which implemented by Semaf that affiliated to A.O.I in favor of ERA to support 212 air-conditioned railcars. Meanwhile, in 2004 Semaf has been joined to the Arab Organization for Industrialization (A.O.I). Whereas Semaf was established in 1955 for manufacturing and equipping railways rolling stock.
