A busy day for debt news, with EGP bns of loans announced to fund energy and infrastructure projects.

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#1- Cheiron secures USD 80 mn to fuel exploration operations: Local energy giant Cheiron Energy secured central bank approval for a USD 80 mn syndicated loan, arranged by the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, Al Baraka Bank, and the Arab International Bank, Shorouk News reports.

The loan will fund Cheiron’s exploration activities, in line with its plan to ramp up production by 20% in 2025.

#2- Petrotrade lands EGP 8 bn loan to fund energy imports: A five-bank syndicate has approved an EGP 8 bn loan for state-owned Petrotrade to fund the import of petroleum products for the Egyptian General Petroleum Corporation (EGPC), Shorouk News reported, citing sources with knowledge of the transaction.

The details: The syndicate — which includes NBE, Banque Misr, Banque du Caire, AAIB, and Qatar National Bank — is expected to finalize the loan agreement before year-end.

#3- Abu Qir Port expansion gets EGP 2.8 bn boost: Gharably Integrated Engineering Company (GIEC) secured a EGP 2.8 bn syndicated loan to fund the Abu Qir Port expansions, Shorouk News reported. The loan was managed by NBE, with participation from Banque Misr, Banque du Caire, CIB, and Bank NXT and is expected to close by 1Q 2025.

The fresh funds will cover additional works after revisions increased the project’s total investment from EGP 19 bn to 28 bn and extended its timeline by 30 months.

#4- Damietta Port Authority secures EGP 1.3 bn, long-term loan from the Suez Canal Bank to fund the development and expansion of the port, Al Mal reports citing unnamed sources in the know.

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