Egypt's Suez Canal Authority is negotiating a €300 million ($352 million) loan from two state-run banks to buy two new dredgers, senior banking sources familiar with the discussions told Reuters Arabic Sunday. The officials, speaking on condition of anonymity, said the Suez Canal Authority has requested the loan from the country's two biggest public banks, National Bank of Egypt (NBE) and Banque Misr. "NBE and Banque Misr is preparing a document to formalize the rules and conditions for the loan." the two sources further said. EgyptianSuez Canal Authority a week earlier signed a €300 million contract with Netherlands' Royal IHC for the design and construction of two custom-built 29,190kW heavy-duty rock cutter suction dredgers (CSDs). The vessels will have an overall length of 147.4 metres and provide a maximum dredging depth of 35 metres. In addition, they will offer accommodation facilities for 73 people. Equipped with one submerged – and two inboard – dredge pumps, the installed cutter power will be 4,800kW. "The new state-of-the-art CSDs from Royal IHC will enable SCA to participate in deepening and widening the waterway and help realise the Egyptian plan to develop local ports." SCA Chairman Mohab Mameesh said in a statement.
