Middle East Economic Survey

VOL. L

No 8

19-Feb-2007

EGYPT

EGAS Borrows $152Mn From Egyptian Banks To Construct Two Gas Pipelines

The Egyptian Natural Gas Holding Company (EGAS) is to borrow a total of $90mn and E355mn ($62.3mn) from nine Egyptian banks to help finance the construction of two gaslines Taba to Sharm El-Shaikh and Al-Ghardaqa to Shuqair, under an agreement signed on 12 February. The loan will be lead managed by the Arab International Bank. According to the banks chairman Atif 'Ubaid,...