NBE arranged syndicated loans worth EGP 28bn during Q3 2019: Bloomberg

Bank arranged a syndicated loan of EGP 1.7bn for Redcon Construction in cooperation with QNB Al Ahli

National Bank of Egypt (NBE) has secured EGP 28bn in syndicated loans during the first quarter (Q1) of 2019, Bloomberg said.
The NBE arranged these loans in various roles, namely the agent, bookrunner, and marketer of syndicated loans.
The bank also ranked seventh in the Middle East, and the same position on the African continent for syndicated loans in which the bank acted as the agent bank.
Hisham Okasha, the chairperson of the NBE, said that this success is due to the bank's interest in supporting the national economy by providing the necessary financing needs for economic growth in various sectors of the country.
Okasha stressed the importance of credit-worthy syndicated loan transactions and economic feasibility, which contributes to creating value for the Egyptian economy and to promote development and employment.
Yehia Aboul Fotouh, Deputy Chairperson of NBE, said that the bank's access to this privileged position among banks in Egypt, the Middle East and Africa is the culmination of all its efforts. This position is also meant to complement the bank's plans to maintain its leading position as the largest bank operating in Egypt.
He stressed that this success comes as a result of a strong network of ties between NBE, local, and foreign banks, which have confidence in the NBE's ability to complete and manage major deals professionally.
Sherif Riad, head of the bank's credit group for corporate and syndicated loans, said that this success demonstrates the bank's professionalism and ability to arrange and manage syndicated loans in various sectors, and to meet the financing needs of many customers in various vital sectors of the Egyptian economy.
He stressed that effective and fruitful cooperation with other Egyptian banks also reflects the strong relationship and stable cooperation between all banks operating in the banking sector.
In a related context, NBE and QNB Al Ahli last weekend signed a medium-term joint financing contract worth EGP 1.7bn for Redcon Construction.
The loan is intended to finance the company's contracting operations, for the construction of multi-purpose towers in the New Alamein City.
According to a statement by the two banks, this loan is an affirmation of the banks' ability to participate in arranging this type of financing of a special nature, and to meet the financing needs of various sectors of the Egyptian economy, including the construction sector, which is one of the most important economic sectors.
The initial investment cost of the project is EGP 3.4bn, 50% financed by shareholders and 50% by co-financing.
The project includes the implementation of buildings, finishes, electromechanical works, site coordination works for multi-purpose towers in the beach area of New Alamein.