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Banque Misr has joined the consortium encompassing National Bank for Development (NBD) and Bank Audi which arranges sharia-compliant finance totaling EGP 688 million for the Egyptian Company for Potash and Chemical Industries.
Loan arrangers will invite banks to contribute with EGP 350 million to the sharia-compliant finance by the beginning of next August.
The three banks will ask Islamic banks and commercial banks with Islamic banking licenses to contribute to the sharia-compliant finance.
The Istisna and Ijara finance will be used to finance the establishment of a factory for fertilizers.
