Baker McKenzie Cairo's Banking and Finance team advised a six-bank consortium led by National Bank of Egypt on a US$ 100 million and EGP 1.2 million multicurrency bridge facility to Canal Sugar Company.
The consortium comprised of National Bank of Egypt, Qatar National Bank Al Ahli, Bank of Alexandria, The United Bank, Industrial Development Bank and Suez Canal Bank.
The loan will be used to finance the development, construction and operation of the company's project in west Minya. The project aims to develop a beet sugar plant with a capability of 937,000 tons per year and to develop a large scale agricultural farm on a total area of approximately 180,000 feddans for the purpose of producing beet sugar required for the operation of the plant.
The team of Baker McKenzie was led by Mohamed Ghannam, Partner and Head of Banking & Finance and Energy, Mining and Infrastructure. Mohamed was assisted by Senior Associate Mohamed Elharmy and Associate Yasmin Elnaggar.
Baker McKenzie extends congratulations to all the parties involved in the transaction.
"We are very honored to have assisted the lenders on this landmark transaction," noted Mohamed Ghannam.