Philippines: Suez Canal Economic Zone plans to secure $390mln loan

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Arab Finance: The General Authority of Suez Canal Economic Zone (SCZONE) is planning to borrow around EGP 19 billion from a local banking consortium to fund port development projects, two sources in the know told Asharq Business.

Led by the National Bank of Egypt (NBE), the consortium is set to finance the authority’s projects under a 13-year loan agreement.

Basically, the loan aims to fund the development and expansion of six ports affiliated with the SCZONE, one source said.

Additionally, the SCZONE will use the loan to pay off dues owed to local construction firms operating in several port development projects, the other source noted.

The SCZONE intends to construct 18 kilometers long berths at the Ain Sokhna Port that are 18 meters deep, as well as yards for container handling that cover an area of 5.6 million square meters before the end of this year, one source revealed.