Al Ahli Bank of Kuwait–Egypt (ABK-Egypt) announced on Tuesday it is joining a consortium of seven banks to provide a syndicated loan in favour of El Sewedy Electric.
The syndicated loan, worth 2 billion Egyptian pounds ($102.5 million), will go for financing activities by El Sewedy’s subsidiaries as well as capital requirements for clients’ import contracts for three years. It will be repaid over 36 months at decreasing interest rate of 8 percent over the loan duration.
ABK-Egypt is the second biggest bank in the consortium contributing to the El Sewedy’s loan, with a 400 million Egyptian-pound share.
The loan comes under the state plans and the directives of the Central Bank of Egypt (CBE) to support the national industrial sector in order to promote sustainable development and achieve economic growth.
