Al Watany Bank of Egypt (AWB) considers contributing to the sharia-compliant syndicated loan worth EGP 1.2 billion arranged for Al-Nouran Sugar Company.
Sources told Amwal Al Ghad that the bank plans to contribute between EGP 200 million and EGP 250 million to the syndicated loan after receiving an oral offer from the loan arrangers. Signing the term sheet of the syndicated loan was postponed till being approved by the Islamic Development Bank (IDB), which acquires a stake of US$ 25 million in Al-Nouran Sugar Company.
Sources said the loan arrangers, the National Bank for Development (NBD), Bank Audi and Banque Misr, are inviting Islamic banks and commercial banks with Islamic banking licenses to contribute to the loan before signing the term sheet so as to provide the Company with the needed finance it had requested before last year’s revolution.
Besides, The International Company for Leasing (Incolease) and Segolease study to contribute with a share ranging from 10% to 15% to the loan through financing the purchasing of machines for the factory.
The 8 to 10-year syndicated loan will finance the establishment of a sugar factory in Salhia City in Sharkia governorate. The volume of the project’s investment cost is EGP 1.9 billion. The factory will start production after three years. The factory‘s estimated production capacity is 250 thousand tons annually.
