A banking alliance has arranged a joint loan worth EGP 3.1bn for Samcrete Egypt.
The alliance includes the National Bank of Egypt (NBE) and Banque Misr with a share of EGP 750m each, Banque du Caire and the Saudi Investment Bank (SAIB) with EGP 500m each, the Export Development Bank of Egypt (EDBE) with EGP 200m, and the Suez Canal Bank with EGP 100m.
The loan aims to fund the contracting operations assigned to the company by the New Urban Communities Authority (NUCA) to implement the fifth residential district (R5) at the New Administrative Capital (NAC).
Samcrete works in various contracting activities, including construction, road, and civil works, as well as infrastructure works and utilities, such as sewerage, irrigation, lighting, and railways, in addition to other activities such as investment, real estate development, product manufacturing, as well as concrete and building requirements.
Arranging this loan stresses banks’ abilities to be part of this type of funding with its special nature, meeting the financial needs of many clients in various vital sectors in the Egyptian economy such as construction, petroleum, electricity, and transport.
The loan also reflects the support of the participating banks toward the sector of contracting in general, which is one of the main economic sectors, given its important role in driving growth in the national economy, as well as creating many jobs and supporting several industries and other activities related to it.
The loan also highlights the fact that these banks support the financial needs of Samcrete specifically as one of the distinguished Egyptian private sector companies in the field of contracting, contributing to the national development plan through the implementation of major projects, and establishing modern urban communities in the NAC.