Cairo – Mubasher: A consortium of six banks on Thursday agreed to provide  Samcrete Egypt Engineers and Contractors with EGP 3.1 billion ($180 million) facility.

The consortium of financers includes the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Societe Arabe Internationale De Banque (SAIB), Export Development Bank Of Egypt (EBE), and Suez Canal Bank (SCB).

The NBE and Banque Misr will contribute EGP 750 million to the loan, according to a bank statement.

Banque du Caire and SAIB will contribute EGP 500 million to the facility, whereas EBE and SCB will disburse EGP 300 million.

The facility was aimed at funding Samcrete’s contracts with New Urban Communities Authority (NUCA), NBE revealed.

In October, banking sources reported that a four-bank consortium initially approved securing EGP 2.9 billion, or as much as 90%, of an EGP 3.2 billion loan for Samcrete Egypt.