Banque Misr and Bank Audi will start tomorrow inviting Islamic banks and commercial banks with Islamic banking licenses to contribute to the loan arranged for the Egyptian Steel Group, owned by the businessman Ahmed Abu Hashima. Sources said the seven-year term loan will be used to finance the establishment of Egyptian Steel Factory in Beni Suef. The company will be given grace period of two years and a repayment period of five years. The value of finance was raised to EGP 1.070 billion from EGP 900 million in order to cover the costs of restructuring a factory for steel in Alexandria. Société Arabe Internationale de Banque (SAIB) will also act as a loan arranger as it said it will provide EGP 150 million. Eight banks have given in principle agreement concerning contributing with up to EGP 1.2 billion to the loan.
