Emirates NBD Egypt announced that it has participated in an EGP 1.8b syndicated loan deal in favor of the Egyptian National Gas Holding Company (EGAS) to help significantly boost gas production in Egypt. NBD Egypt’s contribution amounted to EGP 220m in the five year syndicated deal. Banque du Caire is the Initial Mandated Lead Arranger.  The deal was participated in by eight major banks including Emirates NBD, according to Zawaya.

The funds will be used by EGAS to initiate newly discovered gas projects across Egypt. These projects include the ‘supergiant’ Zohr field; the largest ever gas discovery in the Mediterranean, which could hold a potential of 30tcf of gas. The project also include North Damietta concession in the East Nile Delta.

Moreover, Emirates NBD Egypt’s Head of Corporate Banking, Amr Azab,  said, “The continued discovery of new gas reserves across Egypt means that in the short-term, it puts the country on the fast track to self-sufficiency in gas production. In the long-term, it has the very real capacity to see Egypt emerge as a gas producing hub for East Africa and Europe. The exploratory potential of Egypt is still considered to be very significant. Combined with Egypt’s strategic location, existing gas infrastructure and qualified ports, it means the country is well positioned to realize its gas exportation potential. This will also encourage further foreign investment in this sector too.”