It is reported that the board of directors of the Egyptian Gulf Bank agreed to raise the credit facilities given to Ezzsteel by EGP 40 million to reach EGP 120 million as compared to the current EGP 80 million.

The board also confirmed that credit facilities given to Al Ezz Group shall not exceed EGP 280 million, including the investment of Egyptian Gulf Bank in Ezzsteel debentures by EGP 50 million.

Meanwhile, the profits of Ezzsteel have seen an increase during the first nine month of the current year to become EGP 507 million, up by 240% over the profits of the same period of the past year.

Ezzsteel attributed this huge increase in profits to the rising demand for steel in 2010 when compared to that of last year, in addition to the fall in input costs and rise in sales which amounted to EGP 11.6 billion as compared to EGP 9.4 billion for the same period of 2009.

Egyptian Gulf Bank was established in October 1981 under Investment Law No.43 of 1974 as amended that allowed the practice of all commercial banking operations in Egyptian pounds as well as in foreign currencies.

(Sourced from Al-Ahram)