(2 minutes read)
- Egypt’s President Abdel Fattah El-Sisi authorized the Minister of Finance to extend financial support to the state-owned EgyptAir Holding Company
- The order issued in this regard says that the Minister of Finance on behalf of the Government of the Arab Republic of Egypt is authorized to guarantee the Aviation Holding Company in the long-term financing that the company will obtain from the National Bank of Egypt and Banque Misr
- The amount sanctioned is LE 5 billion
President of Egypt Abdel Fattah El-Sisi authorized the Minister of Finance to extend financial support to the state-owned EgyptAir Holding Company.
The order issued in this regard says that the Minister of Finance on behalf of the Government of the Arab Republic of Egypt is authorized to guarantee the Aviation Holding Company in the long-term financing that the company will obtain from the National Bank of Egypt and Banque Misr. The amount sanctioned is LE 5 billion.
The Egyptian House of Representatives earlier approved the company’s loan, which is the third funding allocated by the state in less than two years. It is hoped that the funding would bail out the beleaguered airline from the financial distress it is undergoing mainly because of the impact of the pandemic.
