Bank Audi Egypt has approved contributing to the US$ 1.250 billion loan arranged for the Egyptian Ethylene and Derivatives Company (Ethydco) which was named the best African Petrochemicals Deal of 2012 by Euromoney.
Sources said the bank has sent the final approval to the National Bank of Egypt (NBE) last week to contribute US$ 22 million to the loan.
The loan will be used to finance the establishment of a complex of ethylene and polyethylene plants in Alexandria. NBE, Banque Misr and Banque Du Caire had earlier provided Ethydco with a bridge loan worth US$ 240 million to issue a letter of credit to the contractor of the project.
NBE, Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank (AIB) contribute US$ 450 million, US$ 225 million, US$ 175 million, US$ 75 million and US$ 75 million, respectively to the loan.
