European bank financing Egyptian steel project

13 European banks agreed on financing a major Egyptian project for producing steel through a joint loan of $250 million.

Ibrahim Fawzi the head of the investment department told ArabicNews.com yesterday that the project aims at producing high-quality steel as part of the projects which are to be established in the Suez Canal industrial area." He added that the agreement of these banks to finance this project is proof of the confidence in the investment climate in Egypt.