The National Bank of Egypt (NBE) arranged and managed a number of new syndicated loans during the first nine months of 2015 worth EGP 40bn, according to NBE Deputy Chairman Mahmoud Montasser. According to the evaluation prepared by the Bloomberg Foundation for banks during the first nine months of 2015, NBE came in the first place as the best bank in the Egyptian banking market in the field of ??syndicated loans, which the bank has managed as a finance agent. This assessment also showed NBE in first place among the banks of Africa and third among the banks of the Middle East and North Africa in the field of ??these loans. "NBE achieving such advanced places came as a direct result of its policies in permanent coordination and continuous cooperation with local and foreign banks. It researched financing mega projects, with funding that required arranging syndicated loans among a number of banks," said Montasser. "NBE's financing needs of grand projects would contribute to the creation and promotion of added value of the national economy and provide more job opportunities for young people as well as boost development." NBE got advanced ranking due to its accumulated experience in managing several major loans it sought to provide as well as financing many projects with high economic feasibility in many vital sectors in Egypt. These sectors include energy of all kinds, building materials, construction, food, real estate development, tourism, transport, and communications. According to Ahmed El-Sersy, manager at the syndicated loans sector at NBE, the bank is working hard to develop and improve credit services to its customers through the development of various financing tools and methods to overcome the current economic challenges. They are working in cooperation with foreign financial institutions and Export Credit Agencies (ECAs) to provide the necessary funds. El-Sersy said the bank already begun implementing this to fund major national projects, particularly in the sectors of oil and electricity. Taher Khouly, manager at the syndicated loans sector at NBE, said they succeeded in maintaining its leadership of Egyptian and African banking markets in the field of syndicated loans. The bank managed it as a financing agent in the past years through its professional cadres swift performance in various fields, according to Bloomberg foundation. Source: Daily News Egypt
