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Egyptian Arab Land Bank (EALB) will contribute 100 million Egyptian pounds (US$13.1 million) to Ezz Steel Company’s loan, chairman Abdel Meguid Mohy El-Din announced.
In January, the National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) have signed a syndicated loan contract worth 1.7 billion pounds in favour of Ezz Steel Company.
Ezz steel’s board of directors approved on all terms and conditions of facility agreement with NBE and AAIB , alongside agreeing on obtaining long-term facility in order to restructure the credit facilities and the granted loans for the company throughout paying some of the current company’s debts. This is the first loan obtained by the company since January25 uprising in 2011.
