Arab Finance: The National Authority for Tunnels (NAT) has initiated the procedures of borrowing up to EGP 74 billion from a consortium of 10 local banks to settle outstanding payments owed to companies involved in ongoing projects for the authority, three government officials told Asharq Business.

The consortium is led by the National Bank of Egypt (NBE) and Banque Misr.

The authority is set to obtain a 15-year loan with a guarantee from the Ministry of Finance to pay its dues and debts in favor of the Egyptian contracting companies that are currently working on the NAT's projects, as well as the works that are scheduled to commence soon, one source said.

The NAT is expected to secure the loan’s first tranche, exceeding EGP 10 billion, in July, another source noted, adding that the remaining amount is anticipated to be received before the end of the third quarter (Q3) of 2024.

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