Citadel Capital’s National River Transportation Company (NRTC) has secured an EGP325m syndicated seven-year loan to finance eco-friendly transport barges.
The money will go towards 24 of more than 90 eco-friendly river transport barges the company plans to operate in Egypt.
Financers of the loan comprise Banque Misr, Arab African International Bank and Bank of Alexandria.
NRTC has entered into two three-year contracts with Arab Contractors and Alexandria Shipyard, valued at a total of EGP560m for building 62 barges.
The first barges will become operational by early 2010.