Business News of 2013-12-11

Access bank rescues E&P in Merchant bank debt

Access bank has guaranteed a $52 million loan facility between African Export Import Bank and Engineers and Planners (E&P) to enable the latter pay its debt to Merchant Bank.

The latest development is expected to lead to Engineers and Planners clearing its debt on the books of Merchant bank entirely.

Sources familiar with the negotiations say Engineers and Planners will by the 15th of December settle its debt to Merchant Bank.

Engineers and Planners is currently indebted to Merchant bank to the tune of US$38 million.