ADCB, Arab Bank Grant EGP 4.5Bn Syndicated Loan To National Authority For Tunnels

(MENAFN- Daily News Egypt) Abu Dhabi Commercial bank – Egypt (ADCB) has signed a cooperation agreement with the National Authority for Tunnels for a long-term credit facility of EGP 4.5bn through a syndicated loan. Abu Dhabi Commercial Bank and Arab Bank will finance the renewal of metro and railway lines, the light rail transit (LRT) project, the monorail, and electric train projects. Abu Dhabi Commercial Bank contributed EGP 3bn to the loan and participated as the first lead arranger, security agent, and financing agent for the loan. Arab Bank contributed EGP 1.5bn and participated as the first lead arranger for the loan.

The agreement was signed by Tarek Hamed Goueili, Head of the National Authority for Tunnels, and on behalf of Abu Dhabi Commercial Bank, Hisham Abbas, Executive Board Member and Head of Corporate and Financial institutions, Amr Azab, Head of Corporate and financial institutions of Arab Bank. This cooperation comes within the framework of supporting the state's efforts to raise the efficiency of services provided by the transportation sector to citizens to improve the quality of life, in addition to gearing up the market to gain the attention of companies seeking to seize investment opportunities inside Egypt.

Hisham Abbas, Executive Board Member and Head of Corporate and Financial Institutions at Abu Dhabi Commercial Bank, stated:“We are proud of the partnership with the National Authority for Tunnels, which confirms the bank's vital role in supporting the Egyptian economy by financing major national projects in various fields. This cooperation also enhances our ability to achieve a sustainable growth strategy and confirms our progress in achieving our goals in sustainable financing and in increasing the bank's market share in parallel with providing a distinguished banking experience and supporting our customers at all levels through financing environmental and community projects and activities that support the transition towards a green economy.

Commenting on the signing of the agreement, Amr Azab – Head of Corporate and financial institutions of Arab Bank – Egypt, said:“We at Arab Bank are constantly keen to provide the necessary financing and banking facilities for sustainable strategic projects that contribute to the development of many vital sectors and accelerating the pace of sustainable economic growth.”

He added:“The financing provided by the bank will contribute to developing the infrastructure of the sector, upgrade and enhance public services and thus achieve a qualitative leap in the public transportation system in addition to improving the quality of life and reducing environmental pollution. The financing also comes within the bank's strategy to enhance its presence in the Egyptian market, in continuation of its support for major national projects, believing in the vital role of the banking sector for driving the country's economic growth.”

This financing comes within the framework of Abu Dhabi Commercial Bank's strategy to support sustainable development projects with the aim of reducing the carbon footprint, limiting pollution and adapting to climate change. This comes in line with the state's orientation to expand investment in the transportation sector, by supporting clean transportation projects, especially since this support contributes significantly to enhancing the efficiency of the state's infrastructure.

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