The National Bank of Egypt (NBE) and Banque Misr arranged two syndicated loans worth EGP 1bn and EGP 2bn for the Egyptian Holding Company for Airports and Air Navigation (EHCAAN) and the Egyptian Airports Company (EAC), respectively.
The loans will be directed to finance the two projects of developing Saint Catherine and Sphinx airports
NBE acted as the financing agent and the main arranger of the financing, and Banque Misr was the guarantee agent and the main arranger of the financing too.
Hisham Okasha, Chairperson of NBE, said the bank played a leading role in financing vital national projects in various sectors, the most important of which is the aviation sector.
He stressed that the joint financing that the bank arranged will contribute directly to the process of developing and raising the efficiency of Saint Catherine Airport and Sphinx Airport, which contributes to developing air traffic, improving the quality of services provided to passengers, and enhancing Egypt’s leadership in the field of air transport.
These financings are in line with the state’s policy to develop the city of St. Catherine with the aim of maximizing its unique tourism components to raise it to the rank it deserves, in addition to developing Sphinx Airport to serve tourism activities in the pyramids and Giza area, in particular the Grand Egyptian Museum, which will represent a major leap and present Egypt’s antiquities and civilization to the world. He expressed his happiness with the role the Egyptian banking sector plays in supporting those national projects that benefit the state and Egyptian citizens.
in maximizing the role of the two banks in supporting vital economic activities in all fields, including the aviation sector, which represents one of the pillars of development.
For his part, Mohamed El-Etreby, Chairperson of Banque Misr, said that the bank is keen on supporting the aviation sector through integrated financing solutions, in support of the Egyptian state’s directions to develop the sector, which is one of the sectors that significantly affect the national economy.
He added that the plan to develop St. Catherine Airport and Sphinx Airport includes raising the capacity of both airports by constructing a new passenger building and developing and expanding the existing corridors. This would raise the capacity of St. Catherine Airport to 600 passengers per hour to serve the tourist area in St. Catherine, in addition to raising the efficiency and expansion of the main runway, which allows increasing the movement of passengers and, at the same time, relieves the congestion at the Cairo International Airport. The plan also includes developing Sphinx Airport to increase its capacity to 900 passengers per hour, which is three times its current operational capacity, in addition to constructing its attached buildings. Noteworthy, the two financings aim at financing the investment cost St. Catherine Airport and Sphinx Airport Development Project.
He added that the financing granted to the project with a total of EGP 3bn, with a duration of 10 years, would allow EHCAAN and EAC to complete their development plan and pay their financial liabilities at proper times.
The two banks seek to enhance their services and maintain their long-term success and fruitful partnerships, which are reflected.