$175 million loan to finance second Egyptian satellite

Three banks agreed to financing a project to manufacture, assemble and run the second Egyptian satellite, NileSat 102, through a joint loan of $175 million.

The loan's period is seven years with a two-year allowance period for payment.

The Egyptian National Bank is participating with a $100 million loan, while the remainder goes to the French banks.

The project includes the establishment of ground stations outside Egypt to attract more investors and international channels to broadcast their programs through the Egyptian satellite, which is completely owned by the Egyptian Information Ministry.