Sisi approves law authorizing Finance Min. to guarantee EgyptAir in LE5B loan

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Sun, 26 Dec 2021 - 01:13 GMT

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Sun, 26 Dec 2021 - 01:13 GMT

FILE – EgyptAir plane

FILE – EgyptAir plane

CAIRO - 26 December 2021: President Abdel Fattah El-Sisi issued Law No. 160 of 2021 authorizing the Minister of Finance to guarantee the state-owned EgyptAir Holding Company.
 
The law stipulates that the Minister of Finance on behalf of the Government of the Arab Republic of Egypt is authorized to guarantee the Aviation Holding Company in the long-term financing that the company will obtain from the National Bank of Egypt and Banque Misr in the amount of LE 5 billion, in accordance with the terms and conditions determined by the Minister of Finance by a decision from him .
 
Earlier in December, the Egyptian House of Representatives approved the company’s loan, which is the third funding allocated by the state in less than two years to help the 90-year-old flagship carrier overcome the coronavirus-related implications.
 
 
 
 

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