The construction of two food firms in Egypt is set to commence after the government received a loan worth EGP 320m from the country’s national bank.
According to Egypt’s National Bank Board of Directors the loan will be used to construct the two food firms in Egypt in a site that will be identified by the government.
Led by the Head of Corporate Banking Ayman Yassin the board of Directors said the bank will give the government EGP 200m that will be managed by the Al-Kharafi Construction Co. the company that will be responsible for the construction of the food firms.
Another company that will manage the second food firm construction was not named though he added that they will name it once they get into the agreement on how much the facility will cost.
He also added that the National Bank of Egypt’s Corporate Banking portfolio had been raised by multimillion dollar figure and they have shown a growth of over 29% from 2014 June to 2015 June.
The two companies that will be constructed in various parts of the country are expected to create new job opportunities and also secure food security for the growing population in Egypt.
According to Yassin the company has been in the fore front to boost growing companies since currently, they have already granted loans to over 30 companies in the country and they are expecting the figures to grow.