Seven banks including the National Bank of Egypt, Bank Misr, Bank of Cairo, Commercial International Bank (CIB), Arab African International Bank, AlexBank and Egyptian Gulf Bank (EGBank) are ready to sign a USD 97 million financing agreement with the Egyptian Railways Authority.
The syndicated loan will have a maturity of 10 years and will include an additional year for its repayment. Pending the signing of the financing agreement expected in the coming weeks, the seven banks have already forwarded the terms of the agreement to the Egyptian Railway Authority for validation.
The Egyptian Ministry of Finance, guarantor of this operation, explained that these credit lines will be used as counterpart in foreign currencies, documentary letters of credit (payment instrument of international trade) issued in Egyptian pounds, for the acquisition of 100 locomotives.
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