The National Bank of Egypt (NBE) is leading an alliance of banks working in the Egyptian market to arrange an increase in financing for Oilex, an Egypt-based international company for the extraction of multiple forms of oils.
The NBE and First Abu Dhabi Bank (FAB) have signed a contract to increase joint finance at a value of 2 billion Egyptian pound in Oilex’s favour.
The alliance also includes Banque du Caire, Arab Bank, Suez Canal Bank (SCB), Al Baraka Bank, and Emirates NBD.
Egypt’s Minister of Trade and Industry Nevine Gamea witnessed the signing of the deal, one of the Egyptian banking apparatus’ most important financing deals for the industrial sector.
Gamea said that the NBE alliance to finance working capital for the project of extracting, refining and packing vegetable oils and their products reflects the banking sector’s keenness to support the Egyptian economy in general. It also focuses on supporting the industrial sector in particular, whilst confirming its confidence in the project’s significant economic viability.
NBE Chairperson Hisham Okasha said that the deal greatly reflects the confidence of local financing institutions in the economic viability of such projects. This comes with a particular focus aimed at deepening the industry and creating imports.
Okasha added that the financing comes in light of Central Bank of Egypt (CBE) initiatives to support Egypt’s industrial sector, and provide financing needs in various economic sectors.
NBE Vice-Chairperson Yehia Aboul Fotouh said that the alliance holds a prominent role in providing the necessary funds to implement many major projects. This occurs in a way that has strengthened the capabilities of those projects, and enabled them to achieve a major leap in production.
Sherif Riad, Head of the NBE’s corporate finance and joint loans group, said that the financing aims to increase the working capital financing.
