Industrial Development Bank to contribute USD 10 mn to El Canal Sugar’s loan

The Industrial Development Bank is providing USD 10 mn in a syndicated loan for El Canal Sugar Company, a bank official told Masrawy. The loan is divided into a EGP 1.2 bn tranche and another USD 100 mn tranche. The additional funding will be used to finance the establishment of its sugarcane factory in Minya. The syndicated facility was provided by the National Bank of Egypt, QNB Al Ahli, Bank of Alexandria, the United Bank of Egypt and Suez Canal Bank.