LONDON: Arabian Food Industries Company Domty signed a medium-term loan contract with The Commercial International Bank (CIB-Egypt), whereby the bank allows Domty to obtain a loan of up to 100 million Egyptian pounds with the average interest rate announced by the Central Bank of Egypt.
Such financing shall be available for withdrawal within twelve months – from the date of the first withdrawal – or the withdrawal of the total loan, whichever comes first.
The loan shall be repaid in twenty quarterly installments starting after a grace period of six months from the date the withdrawal period ends, with the last installment due after 75 months from the date of the first withdrawal.
The loan proceeds will be used to finance the company’s future expansion & capital expenditures for the company’s new products.