Daily News Egypt

EGP 399bn total corporate finance portfolio, syndicated loans at NBE end of April 2019 - Daily News Egypt

Advertising Area

Advertising Area

EGP 399bn total corporate finance portfolio, syndicated loans at NBE end of April 2019

Bank arranged 17 syndicated loans in 2018 worth EGP 90bn, won 15 international awards in this field

The total corporate finance portfolio and syndicated loans at the National Bank of Egypt (NBE) amounted to EGP 399bn by the end of April 2019, according to Sherif Reyad, head of the bank’s credit group for corporate and syndicated loans.

The NBE announced on Tuesday that it had received 15 international awards, including 14 from Europe, Middle East, Africa (EMEA) Finance, as the best bank in the field of syndicated loans, financial advisory, restructuring and securitisation in Africa in 2018.

According to Reyad, the bank winning such awards is mainly due to the efficiency of the employees in the bank’s sectors concerned with these loans. He stressed that effective and fruitful cooperation with other Egyptian banks also reflects the strength of the relationship between all banks operating in the banking sector and the understanding and harmony between all banks.

According to the General Manager of syndicated loans at the bank, Ahmed Al Sarsi, the NBE arranged 17 syndicated loans in 2018 worth EGP 90bn, in addition to providing financial advisory services and securitisation to several large companies.

EMEA Finance has given the NBE these awards for the best financing granted in Africa in the fields of petroleum, natural gas, agriculture, communications, industry, real estate construction, restructuring, refinancing, and securitisation.

These funds were awarded to the Middle East Oil Refining Company (MIDOR), Al-Canal Sugar Company, Ezz Steel Rolling Mill, Ro’ya Holding Company, Egyptian Propylene and Polypropylene Company and EFG-Hermes Financial Leasing.

In addition, the bank received the Best Financing Award through the Export Credit Guarantee Company across the Middle East for the financing of MIDOR.

According to the Chairperson of the NBE, Hisham Okasha, the bank’s acquisition of this group of awards is the result of providing all the necessary funding to various sectors, and its continuous support to public and private sector projects, as the bank is a strategic partner in financing these projects.

Okasha stressed that the bank always gives great attention to syndicated loans within the framework of its keenness to carry out its role as the largest bank operating in the Egyptian market.

He added that the bank is always interested in megaprojects related to the vital sectors in the fields of agriculture, industry, petroleum, electricity, transport, communications, building materials, contracting, food and real estate development. This contributes to creating a value added to the Egyptian economy and generating many jobs in a way that supports the state’s plans and improves development.

For his part, Vice Chairperson of the NBE, Yahya Abul Fotouh, said that these awards are the result of the strong network of relations between the bank and the local and foreign banks, which have confidence in the ability of the NBE to complete and manage large transactions professionally and efficiently.

He added that the bank relies on a large capital base, which gives it the opportunity to inject large funds, either individually or through the participation in banking alliances.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter