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NBK – Egypt closes US $300 million loan agreement with SUMED for landmark energy infrastructure project

NBK – Egypt closes US $300 million loan agreement with SUMED for landmark energy infrastructure project NBK- Egypt closes US $300 million loan agreement with SUMED for landmark energy infrastructure project

National Bank of Kuwait - Egypt signed a US$300 million credit facility agreement with Arab Petroleum Pipelines Company (SUMED) on 18 May 2017. SUMED will receive the total amount of the loan over a period of two years, with repayment spread over six years.

“Projects such as these demonstrate Egypt’s continued progress in rebuilding its economy,” said Tariq Al-Mulla, Egyptian Minister of Petroleum and Mineral Resources at the signing ceremony. “We support SUMED and NBK-Egypt in their efforts to developing Egypt’s national energy infrastructure. We also thank the SUMED shareholders and Arab brothers in Kuwait, Qatar, Saudi Arabia and the United Arab Emirates for bringing this project to implementation and strengthening Egypt’s achievements.”

The loan will help SUMED to finalize its 4 million square kilometer expansionary project in Ain Sukhna which includes the construction of nine 295,000 cubic meter petroleum storage tanks, facilities to service the tanks, an LNG tank marine berth, floating vessels and loading and offloading facilities. The landmark Red Sea project is set for completion first quarter 2019.

“We are proud to support Egypt’s plans to develop the country’s infrastructure, including energy, roads and water facilities,” said Dr. Yasser Hassan, with NBK-Egypt Managing Director. “Egypt is going through an historic moment of rebuilding and at this time, National Bank of Kuwait-Egypt stands ready and determined to help Egypt’s economy grow and prosper.” Dr Hassan noted that NBK-Egypt aims for a long term partnership with the Egyptian government to help finance and develop the nation’s mega infrastructure projects.

“These projects are of great importance in developing Egypt’s economy and attracting foreign investments while strengthening Arab cooperation,” noted Eng. Mohamed Abdelhafez, SUMED Chairman and Managing Director during the signing ceremony. “We are glad to partner with NBK-Egypt for this historic project and look forward to many future opportunities to build Egypt’s national infrastructure and economy.”

NBK-Egypt, a subsidiary of the NBK Group, was established in 1980 and has a branch network comprised of 41 branches situated at strategic locations across Egypt.

National Bank of Kuwait, one of the leading regional banks, has consistently been awarded the highest credit ratings by major international rating agencies: Moody’s, S&P and Fitch, attesting to the strength of its financial indicators, asset quality, and solid capitalization. NBK has the widest local and international banking presence, with more than 153 branches and subsidiaries spanning four continents including GCC, MENA, Europe, UK, USA, China and Singapore.

The Arab Petroleum Pipelines Company (SUMED) was established in 1974 as an Egyptian joint stock company. SUMED provides storage services for major crude oil trading companies and pipeline services for ships transiting the Suez Canal. It has three main locations: Ain Sukhna, Dahshour and Sidi Krir Terminal.