Five local banks to sign contracts with Al Canal Sugar for EGP 2.3 bn short-term loan

A consortium of five local banks is expected to sign contracts with Al Ghurair Group’s Al Canal Sugar for a EGP 2.3 bn short-term loan this week to fund its USD 1 bn sugar plant, unidentified sources tell Al Mal. The banks include Qatar National Bank Ahli, AlexBank, National Bank of Egypt, NBK Egypt, and one bank that has yet to be announced, according to the sources. The loan will be disbursed in tranches over the course of nine months.