MSMEDA, Reefy sign EGP300m microfinance deal    Sanofi introduces new multiple myeloma treatment to Egyptian market    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Gold prices dip on Tuesday    Oil prices fall on Tuesday    Egypt begins trial operations at Red Sea Container Terminal as first vessel docks at Sokhna Port    Egypt, Saudi FMs discuss Gaza, Sudan and preparations for Supreme Coordination Council    Egypt moves to roll out 'green label' for plastic products to boost circular economy    As Kyiv weighs neutrality, Kremlin eyes a 'cornerstone' for peace while Europe warns of trap    GAFI witnesses first Polish investment agreement in Egypt's frozen food sector    Egypt, Italy's Eni discuss healthcare partnership to operate two hospitals    'Friends become enemies': Trump's new strategy fractures European unity    Egypt's SPNEX Satellite successfully enters orbit    Madinaty Golf Club hosts charity tournament for Alzheimer's awareness    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    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt calls for inclusive Nile Basin dialogue, warns against 'hostile rhetoric'    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    China invites Egypt to join African duty-free export scheme    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    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.



Abo El Sebaa Receives EGP 50 Mln Credit Facilities From 15 Banks
Abd Elhalem Elgendy Mohamed Hamdy Published in Amwal Al Ghad on 19 - 09 - 2012

About 15 banks started to disburse credit facilities of EGP 50 million to shore up the ailing Abo El Sebaa Weaving Factories in El Mahalla El Kobra.
The lenders signed a final debt settlement agreement with Ismail Abo El Sebaa, the owner of the company, over settling his EGP 700 million debt at the end of 2011. The lenders agreed to provide the ailing company with credit facilities in order to help the factories resume production and repay debts.
Abo El Sebaa Company is indebted to many banks including the United Bank, Export Development Bank of Egypt, HSBC Bank Egypt, Crédit Agricole Egypt, BNP Paribas Egypt, National Société Générale Bank, Ahli United Bank, Barclays Egypt, Al Watany Bank of Egypt (AWB).
The former Minister of Industry and Foreign Trade Mahmoud Eissa held a meeting with Eng. Mohsen EL-Gelany, the ex-Chairman of Holding Company for Spinning and Weaving, and representatives of 15 banks at the end of 2011 where they reached an agreement to offer a loan amounting to EGP 50 million to Abo El Sebaa Company to help it resume production and repay its debts.

Clic here to read the story from its source.