Arrangers of the syndicated loan to be offered to Egyptian Company for Ethylene have signed the terms sheet of the US$ 1 billion loan last week.
The final loan agreement will be signed two months after signing the terms sheet, sources said. The loan will finance the construction of ethylene and polyethylene plants in Alexandria, sources added.
The National Bank of Egypt, Banque Misr and Banque Du Caire had earlier offered the Company a bridge loan with value of US$ 240 million directed to issue letter of credit for the Project’s contractor. The National bank of Egypt and Banque Misr each injected US$ 85 million and Banque Du Caire offered US$ 70 million in the bridge loan.
The National Bank of Egypt will inject US$ 200 million in the syndicated loan and market US$250 million for other banks. Banque Misr approved to inject US$ 225 million. Commercial International Bank (CIB) will offer US$ 175 million. Banque Du Caire and Arab International Bank will each offer US$ 75 million.
