EDBE to finance cold storage unit at Cairo Airport
Egypt’s Export Development Bank (EDBE) has recently decided to finance a new cold storage unit at the Cairo Airport. The 12 million Egyptian pound ($2.59 million) facility will have the capacity to store some 6,500 tons of agricultural exports, reported Al-Alam Al-Yaum. According to an EDBE source, the bank had set aside half of the project’s total financing, six million EP, last year, to be provided as a soft loan with an interest rate of 8.5 percent.
EDBE recorded a net income of 83.1 million Egyptian Pounds ($18 million) in 2001, an 0.5 percent increase compared with last year’s EP 2.7 million income. EDBE witnessed a decline in bottom line of EP 2.6 million to EP 41 million down from LE42.1 million recorded in the first quarter of 2001. Net interest income witnessed a marginal decline to EP 88.5 million, down from EP 89.3 million attained last year. — (menareport.com)
© 2002 Mena Report (www.menareport.com)