Egypt’s SVCC sign long-term loan with five lenders

Egypt-based South Valley Cement Company (SVCC) has signed an agreement with five local lenders for a long-term syndicated loan facility worth US$178.04 million (EGP 1.27 billion). According to a statement, the facility has a grace period of eight years, and it will be used to fund the company's expansion in energy alternatives, grinding energy and storage among others. The five lenders involved in the deal are Arab African International Bank, Ahli United Bank, Banque Misr, Commercial International Bank-Egypt and Qatar National Bank Ahly.