NBE to arrange joint EGP 1 bn loan for SECON

The National Bank of Egypt (NBE) aims to arrange a EGP 1 bn joint loan for the Saudi Egyptian Company for Development (SECON), banking sources told Al Shorouk without naming the other parties involved. The company, formerly known as the Saudi Egyptian Construction Company, will use the loan to fund part of its EGP 3.5 bn Nile Towers project along Corniche El Maadi. NBE and Banque Misr had loaned SECON EGP 600 mn in 2016 for the same project. The company aims to increase its investment in Egypt’s real estate market by an additional EGP 5 bn in the coming three years.