Egypt’s seeks to borrow EGP 150 billion from Gulf, Egyptian banks

Egypt’s General Authority for Tunnels is aiming to secure a loan of EGP 150 billion from Gulf and Egyptian banks to support its investment plan for the current fiscal year, according to four sources cited by Bloomberg. The sources, who wished to remain anonymous, indicated that the Qatar National Bank and the National Bank of Kuwait have each submitted offers to provide EGP 50 billion in financing. Additionally, Commercial International Bank has agreed to lend EGP 30 billion, while the authority is currently negotiating a separate loan of EGP 20 billion with a government bank. The General Authority for Tunnels has received guarantees from the Ministry of Finance for the loan, which is intended to cover its funding requirements for […]