Banque du Caire leads $75m consortium to finance Cheiron Egypt Delta’s gas field development

A banking consortium led by Banque du Caire, alongside Arab International Bank, Al Baraka Bank Egypt, and Saib Bank, has arranged a $75 million syndicated medium-term financing for Cheiron Egypt Delta Limited, a subsidiary of the Cheiron Group specializing in oil and gas extraction. This financing will help cover part of the investment costs for the gas field development project in the West El Burullus area of the Mediterranean Sea.

This financial operation aims to provide up to 45.5% of the total $165 million investment required for the project, for which the company has secured concession rights from the Egyptian government.

Hussein Abaza, Managing Director and CEO of Banque du Caire, emphasized the critical role of Egypt’s banking sector in supporting the national economy. He stated that Banque du Caire’s involvement in this financing demonstrates its commitment to bolstering the Egyptian economy, particularly since the oil and gas sector is a major industry that supports numerous intermediary sectors and activities.