Arab Finance: Alexandria Port Authority is planning to borrow EGP 6 billion from a banking consortium led by the National Bank of Egypt (NBE), unnamed officials told Asharq Business.

The loan will be used to finance infrastructure development at the port, the official added.

The authority is likely to receive approval of the loan in August after fulfilling all the loan’s terms, an official said, noting that the loan will be guaranteed by the Ministry of Finance.

Alexandria Sea Port is a key player in Egypt's maritime industry, handling about 60% of the country's foreign trade, as noted on its website.

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