ABU Dhabi Commercial Bank (ADCB) has signed a cooperation agreement with Egypt’s National Authority for Tunnels (NAT) to provide a long-term credit facility of £E 4.5bn ($US 98.8m) through a syndicated loan.
ADCB and Arab Bank will finance the renewal of Cairo metro lines and mainline railways, as well as the city’s monorail and electrified commuter projects.
ADCB contributed £E 3bn to the loan and participated as the first lead arranger, security agent, and financing agent. Arab Bank contributed £E 1.5bn and participated as the first lead arranger for the loan.
The agreement was signed by Mr Tarek Hamed Goueili, head of NAT, and by Mr Hisham Abbas, executive board member and head of corporate and financial institutions at ADCB, and Mr Amr Azab, head of corporate and financial institutions at Arab Bank.
