El Sewedy Cement receives EGP 650 mn from NBE, QNB for cement license

The National Bank of Egypt and Qatar National Bank provided a EGP 650 mn bridge loan to Elsewedy Cement to finance its new factory, sources tell Al Mal. A EUR 14 mn tranche of the loan will be provided in foreign currency. The loan is meant to hold them over until NBE can arrange a larger loan of EGP 4 bn.