The Egyptian Company for Potash and Chemical Industries has delayed receiving the EGP 688 million Islamic syndicated loan being arranged by Bank Audi Egypt, National Bank for Development (NBD) and Banque Misr to the beginning of 2013, sources said.
The Istisna and Ijara finance will be used to finance the establishment of a factory for fertilizers as the company plans to produce new kinds of fertilizers.
The loan arrangers had earlier announced they will ask Islamic banks and conventional banks which have Islamic banking licenses to contribute EGP 350 million to the loan.
The consortium, comprising of Bank Audi Egypt and NBD, was asked to arrange the finance after fierce competition with a consortium comprising of the National Bank of Egypt, Banque Misr, Alex Bank, Crédit Agricole Egypt and National Societe Generale Bank (NSGB).
