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National Bank of Egypt and Misr Bank provide EGP 3 billion syndicated loans to civil aviation sector

By on August 28, 2021 0

The National Bank of Egypt (NBE) and the Misr Bank arranged two syndicated loans worth EGP 1 billion and EGP 2 billion for the Egyptian Holding for Airports and Air Navigation (EHCAAN) and Egyptian Airports Company (EAC), respectively.

The loans will be used to finance the two development projects of the airports of Sainte Catherine and du Sphinx

NBE acted as the financing agent and principal arranger of the financing, and Bank Misr was also the guarantee agent and the principal arranger of the financing.

Hisham Okasha, chairman of the NBE, said the bank is playing a leading role in financing vital national projects in various sectors, the most important of which is the aviation sector.

He pointed out that the joint financing that the bank has put in place will directly contribute to the process of developing and increasing the efficiency of the Saint-Catherine airport and the Sphinx airport, which contributes to the development of the air traffic, improving the quality of services provided to passengers and strengthening Egypt’s leadership. in the field of air transport.

This funding is part of the State’s policy to develop the city of Sainte-Catherine in order to maximize its unique tourist components to raise it to the rank it deserves, in addition to developing the Sphinx airport to serve tourist activities in the pyramids and in Giza. region, in particular the Great Egyptian Museum, which will represent a major leap and present Egyptian antiquities and civilization to the world. He expressed satisfaction at the role that the Egyptian banking sector plays in supporting national projects that benefit the Egyptian state and citizens.

maximizing the role of the two banks in supporting vital economic activities in all areas, including the aviation sector, which is one of the pillars of development.

For his part, Mohamed El-Etreby, president of Banque Misr, said that the bank is keen to support the aviation sector through integrated financing solutions, in support of the Egyptian State’s orientations to develop the sector. , which is one of the sectors that affect the national economy.

He added that the development plan for Sainte-Catherine Airport and Sphinx Airport includes increasing the capacity of both airports by constructing a new building for passengers and expanding and widening the existing corridors. . This would bring the capacity of Sainte-Catherine airport to 600 passengers per hour to serve the tourist area of ​​Sainte-Catherine, in addition to increasing the efficiency and expansion of the main runway, which will increase the movement of passengers and, at the same time, relieves congestion at Cairo International Airport. The plan also includes the development of Sphinx Airport to increase its capacity to 900 passengers per hour, or three times its current operational capacity, in addition to the construction of its adjoining buildings. It should be noted that the two financings aim to finance the investment cost of the development project of the Sainte-Catherine airport and the Sphinx airport.

He added that the funding granted to the project totaling EGP 3 billion, lasting 10 years, would allow EHCAAN and EAC to complete their development plan and pay their financial debts on time. desired.

Both banks are looking to improve their services and maintain their long-term success and fruitful partnerships, which are reflected.