The Egyptian Natural Gas Holding Company (EGAS) will borrow a loan worth EGP 1.8b from a consortium consisting of nine Egyptian and Arab banks, reported Amwal Al Ghad.

Banque Du Caire acts as the lead arranger, facility agent, account bank, and loan promoter for the EGAS’s loan. The bank is also included in the consortium and will provide EGP 920m.

The Emirates NBD (ENBD) is paying EGP 220m, the Arab Investment Bank (AIBK) EGP 150m, and the Industrial Development and Workers Bank of Egypt (IDWBE) is contributing with EGP 150m.

The banks further include the Export Development Bank of Egypt (EDBE), which is paying EGP 80m, the Egyptian Gulf Bank (EGBANK) contributing with EGP 75m, the Al Baraka Bank Egypt paying EGP 75m, the National Bank of Greece – Egypt paying EGP 70m, and the Al Ahli Bank of Kuwait – Egypt contributing with EGP 60m.

The loan aims to fund EGAS’ dues to foreign partners. Accordingly, EGAS will have a two-year grace period and the loan will be paid back over five years.