Suez Canal expects return to normal traffic by mid-2026 as Maersk, CMA CGM return    Gaza death toll rises as health crisis deepens, Israel's ceasefire violations continue    Turkey's Erdogan to visit Egypt in early 2026 as Cairo pushes for Palestinian technocratic committee    Egypt's "Decent Life" initiative targets EGP 4.7bn investment for sewage, health in Al-Saff and Atfih    Egypt, Spain discuss cooperation on migration health, rare diseases    Egypt, Oman eye deeper industrial integration through Sohar Port    Egypt, Armenia sign cooperation protocol to expand trade and investment    Three Chinese firms to invest $1.15bn in Egypt's Sokhna industrial zone    Egypt, Viatris sign MoU to expand presidential mental health initiative    Gold, silver rise on Tuesday    Oil prices dip on Tuesday    URGENT: IMF reaches staff-level deal with Egypt on fifth, sixth reviews    Egypt signs EGP 500m deal with Titan to build three waste treatment facilities in Sharqeya    Egypt's PM reviews rollout of second phase of universal health insurance scheme    Egypt sends medical convoy, supplies to Sudan to support healthcare sector    Egypt sends 15th urgent aid convoy to Gaza in cooperation with Catholic Relief Services    Al-Sisi: Egypt seeks binding Nile agreement with Ethiopia    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



NBE Agrees to Contribute EGP150mn to Palm Hill's Bridge Loan
Ahmed Ali Published in Amwal Al Ghad on 20 - 08 - 2014

National bank of Egypt (NBE) has participated in the bridge loan with EGP400 million which obtained by Palm Hills Development Company - (PHDC) from the total value of the basic loan that amounted to EGP2.4 billion, Senior banking sources revealed.
In statements to Amwal Al Ghad, the sources added that Arab African International Bank (AAIB) provided the remaining share from the bridge loan that valued at EGP250 million, stressing that the main loan will be signed during the current month.
The three arranged banks for the loan are AAIB, Banque Misr and NBE are waiting the final approvals from the five banks that expressed their initial approvals to take part in the loan but the five banks are currently in talks with the board of directors in order to obtain the final approval, sources explained.
The number of the loan's participants may boost to 9 banks after the three arranged banks get the final approvals from the four banks including Faisal Islamic bank, Audi bank, and Egyptian Gulf bank (EGB) and AAIB, sources noted.
The 3 banks may also resort to allocating the shares of the syndicated banks before the final agreement as the board's values exceeded the total value of finance.
PHD is aiming to obtain a loan in order to go for financing its various projects in addition to, refinancing an EGP640 million from the total current banks loan.
Meanwhile, Palm Hills achieved EGP236.8 million net profits in 2013 against EGP134.6 million net losses in 2012.

Clic here to read the story from its source.