Egyptian Steel negotiating for EGP 4 bn facility with banking consortium

Ahmed Abou Hashima’s Egyptian Steel is in talks with a banking consortium to provide it with EGP 4 bn to finance the construction of its EGP 5.9 bn construction material complex in Sohag, Al Mal reports. The consortium reportedly includes the National Bank of Egypt, Banque Misr, CIB, and the Arab African International Bank, an unnamed source says. The funding facility is said to have a 10-year maturity and will come with a two-year grace period. The complex is slated for completion within two years.