Banking league offers SCA a $602 million loan

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Sun, 28 Jan 2018 - 01:02 GMT

Suez Canal - Reuters

Suez Canal - Reuters

CAIRO – 28 January 2018: Six Banks offered a loan worth $602 million to Suez Canal Authority (SCA), banking sources told Al- Shorouk newspaper.

The banking League is waiting for the Ministry of Finance’s endorsement to continue the procedures.

The league included the National Bank of Egypt, Banque Misr, Banque du Caire, Suez Canal, Arab African Bank and Commercial International bank, according to the sources.
The sources said that the SCA will use this loan in executing structural projects.

In October 2017, The Suez Canal Authority (SCA) requested a €300 million loan from the National Bank of Egypt (NBE), Banque Misr, Arab African Bank and Commercial International bank to purchase two new diggers.

Suez Canal Authority signed a contract with the Dutch company Royal IHC to construct two custom-built heavy-duty rock cutter suction dredgers (CSDs).

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