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Wednesday, October 23, 2019

Maritime Logistics Professional

Posted by June 26, 2018

Suez Canal Seeks 300 mln euro Loan

File Image: A Boxship transits the suez Canal (CREDIT: AdobeStock / © Andriy Kovach)

File Image: A Boxship transits the suez Canal (CREDIT: AdobeStock / © Andriy Kovach)

Egypt's Suez Canal Authority is seeking a 300 million euro ($350.19 million) loan from Gulf banks, three senior banking sources told Reuters on Tuesday.
 
The loan will be used to finance the purchase of two new dredgers, the sources said.
 
The authority had signed a contract with Dutch firm Royal IHC for the equipment last year but failed to secure funding from local banks.
 

The sources provided no further details and the Canal authority could not be immediately reached for comment.

 

Reporting by Ehab Farouk 

bankinglocal banksReuters