Ezz Steel Rolling Mills to borrow EGP 2.5 bn for working capital, expansion

Ezz Steel subsidiary Al Ezz Rolling Mills is near closing a EGP 2.5 bn loan agreement with five local banks to finance its working capital and expansion plans, a banking source said, according to Amwal Al Ghad. The banks include the National Bank of Egypt, Banque Misr, Banque du Caire, Suez Canal Bank. No further details were provided. BdC, Banque Misr, and NBE had reportedly been in talks with the company for a EGP 3.4 bn loan for its Ain Sokhna facility earlier this year.