El Zahy Group secures EGP 4.2 bn in financing: Local construction player El Zahy Group inked a syndicated loan agreement with three banks — the National Bank of Egypt (NBE), Banque Misr, and QNB Egypt — for EGP 4.2 bn, according to a press release (pdf).

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What we know so far: NBE and Banque Misr each contributed EGP 1.5 bn to the financing agreement, while QNB Egypt pitched in with the remaining EGP 1.2 bn, Amwal El Ghad reports, citing unnamed banking sources.

Where the money is headed: The funding will help finance a number of projects in El Zahy Group's pipeline, including facility design, land reclamation, infrastructure work, leveling agricultural land, and the construction of irrigation and drainage lines, the statement reads.

Advisors: The three banks all acted as the lead arrangers, with NBE also acting as the financing marketer, financing agent, and document bank. Banque Misr also served as the financing marketer and account bank, according to the statement.

ALSO- Emirates NBD to grant ACC EGP 2.5 bn in credit facilities: Emirates NBD has signed a financing agreement with Arabian Construction Company (ACC) that will grant the firm some EGP 2.5 bn in credit facilities, in a move to “bolster ACC’s ongoing and future projects in Egypt and the GCC region,” Emirates NBD said in a press release (pdf).

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