SAIB Bank has signed a medium-term syndicated loan of EGP 1.2bln for Kharafi National’s infrastructure development with the participation of four other banks.
SAIB acted as the bookrunner, agent, and underwriting of the loan. The Export Development Bank of Egypt (EBE), the Industrial Development Bank (IDB), Arab Investment Bank and Baraka Bank – Egypt also participated in providing the loan.
The loan proceeds are channelled to finance the contracting operations assigned to the Kharafi National company for the development of infrastructure projects as part of Decent Life Initiative.
Tarek El Kholy, chairperson and managing director of SAIB Bank, stressed the importance of the expansion of the Egyptian banks in financing strategic projects that achieve sustainable development that positively reflects on the national economy. He highlighted the Egyptian banking sector’s ability to finance all national and private projects.
He also said that the construction sector is one of the most important economic sectors to which the bank attaches great importance during the current period in light of the national projects being implemented by the Egyptian state.
