EIB to extend loans to Egypt’s oil and cement sectors
The European Investment Bank (EIB) recently confirmed that negotiations were underway for the provision of loans to Egypt’s Assiut Cement and for the Al-Arish-Aqaba natural gas pipeline, reported Benuk El Youm .
According to vice chairman of the EIB, Francis Mayer, the bank has offered financing for Assiut Cement and the gas pipeline, but signature of loan agreements has not yet been finalized. Mayer also expressed EIB’s willingness to finance the Alexandria Metro project and the third Cairo metro line.
EIB offered Egypt two soft loans worth €150 million last October, reported Al-Hayat. The loans, which are the largest to date to be provided by the EIB to Egypt, were aimed at financing an electricity project in northern Cairo undertaken by the Egyptian Electricity Company. — (menareport.com)
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