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NBE leads consortium for EGP 962m syndicated loan

NBE leads consortium for EGP 962m syndicated loan
The NBE will contribute EGP 462 million to the loan

Cairo - Mubasher: The National Bank of Egypt (NBE) led a banking consortium as a financing agent for a syndicated facility agreement worth EGP 962 million for Scientific Research, Education, and Development Corporation.

The banking consortium, comprised of Industrial Development Bank of Egypt and Egyptian Arab Land Bank (EALB), will arrange a seven-year loan for the establishment of branches of European universities in Egypt, according to a statement on Thursday. 

Branches of European universities such as the University of London and the University of Central Lancashire will be established as part of the project, the Chairman of the Board of Trustees of the European Universities in Egypt (EUE), Mahmoud Hashem Abdel Kader, said.  

The NBE will contribute EGP 462 million to the loan, while Industrial Development Bank of Egypt and EALB will contribute EGP 200 million and EGP 300 million, respectively, Head of the Syndicated Loans Sector at NBE, Ahmed El-Sersy, revealed.