saib signed on Sunday a EGP 750m medium-term syndicated loan agreement for the Dorra Group’s Construction and Reconstruction Engineering Company (CRC).
saib acted as bookrunner and agent of the deal, while the National Bank of Egypt participated as a bookrunner and financing promoter, and the Suez Canal Bank also served as bookrunner.
Tarek El Kholy, saib’s Chairperson and Managing Director, said the bank always supported the national economy during exceptional circumstances, particularly the ongoing spread of the coronavirus and its implications on the global and local economies.
He pointed out that Egypt’s banking sector has excellent financial solvency, which made it able to support the economy in this period, stressing that the banks operating locally can finance all public and private projects, even during crises.
El Kholy added that the construction sector is one of the strongest economic sectors, capable of achieving enough growth rates to push the national economy forward, whilst also providing job opportunities. He also said that the construction sector is linked to more than 100 feeding industries.
The CRC was established in 1943 as a contracting company. Since then, the group has become a pioneer in many fields in Egypt, including contracting, development, and tourism investment, and has expanded widely in the Gulf markets.