The National Bank of Egypt (NBE) and Banque Misr have arranged two syndicated loans at a total value of EGP 3 billion for the development of two airports.
The first loan is worth EGP 1 billion and will be used by the Egyptian Holding Company for Airports and Air Navigation to develop St. Catherine International Airport, while the second loan is valued at EGP 2 billion and will be directed to the Egyptian Airports Company to develop Sphinx International Airport.
The two loans have tenors of 10 years, allowing both companies to resume their development plans and repay over instalments, the Chairman of Banque Misr, Mohamed El-Etreby, said.
The plans include increasing the capacity of the two airports by building new terminals and runways, bringing the hourly capacity to 600 passengers at St. Catherine Airport and 900 passengers at Sphinx Airport.
