Bahrain banks arrange $480m Egypt port loan

Bahraini lenders Ahli United Bank (AUB) and Arab Banking Corporation (ABC) have arranged a $480 million debt facility for a port project in Egypt, the two banks said yesterday.

The banks will each contribute 50 per cent of the new facility, signed with Damietta International Port Company (Dipco), which will be used to finance the development of a new container terminal within the Port of Damietta 70km west of the Suez Canal.