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Egypt’s Suez Canal Authority seeking $350.19mln loan – sources

Wednesday, 27 June 2018 | 16:00

Egypt’s Suez Canal Authority is seeking a 300 million euro ($350.19 million) loan from Gulf banks, three senior banking sources told Reuters.

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.
Source: Reuters (Reporting by Ehab Farouk; Writing by Nadine Awadalla; editing by Sami Aboudi and Louise Heavens)

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