EMEA News
Egyptian Banks Mulling Another $300M Loan to Suez Canal
Egyptian banks are considering loaning the Suez Canal Authority (SCA) another $300 million to cover its outstanding financial obligations, local media reports.
According to unnamed sources, major Egyptian banks are expected to contribute into this loan, with Egyptian bank Banque Misr having reportedly turned to international sources and selling bonds on foreign markets to support "national projects adopted by the state.”
A total of seven Egyptian banks have already collectively loaned the SCA $1 billion, with four of those banks, including Banque Misr, having also provided a $400 million bridge loan to cover the costs of foreign contractors doing work on the Suez Canal extension.
Ship & Bunker recently reported that the newly widened canal has seen a dip in revenues, with experts having reportedly commented that there has been "no significant increase" in the canal's oil tanker traffic.
