The Arab Investment Bank approved to contribute EGP 120 million to the US$ 1.250 billion loan arranged for the Egyptian Company for Ethylene.
Sources said the bank sent its final approval to the National Bank of Egypt (NBE) last week concerning contributing to the local-currency segment of the loan as it has weak dollar liquidity.
The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank are arranging the loan which is divided into a dollar-currency segment of US$ 750 million and local-currency segment equal to US$ 500 million.
The loan arrangers will contribute the following values: NBE (US$ 450 million), Banque Misr (US$ 225 million), CIB (US$ 175 million), Banque Du Caire (US$ 75 million) and Arab international Bank (US$ 75 million).
The loan will be used to finance the establishment of ethylene and polyethylene plants in Alexandria. NBE, Banque Misr and Banque Du Caire had earlier offered the Company a bridge loan worth US$ 240 million which was directed to issue letter of credit for the Project’s contractor.
Amwal Al Ghad had earlier reported exclusively that Export Development Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt, Audi Bank Egypt, Blom Bank Egypt, Société Arabe Internationale de Banque (SAIB), China Development Bank (CDB) are set to contribute US$ 305 million to the US$ 1.250 billion loan.
