The National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, Banque Du Caire and Arab African International Bank (AAIB), arranging a loan worth US$ 444 million for Egyptian Chemical Industries Company (KIMA), decided to distribute the value that was supposed to be offered by National Societe Generale Bank (NSGB) after it exited the Egyptian market.
The loan arrangers have two options to solve this problem. The first option is that NBE, Banque Misr, CIB and AAIB will each provide US$ 100 million and Banque Du Caire will provide US$ 44 million. The second option is increasing Banque Du Caire’s contribution to US$ 64 million and decreasing the contributions of the other four banks by US$ 5 million each to reach US$ 95 million.
Sources added that the loan arrangers will meet next week to determine the final contributions and sign the loan contracts.
The loan will be used to finance the construction of two lines for producing Ammonia and Urea powered by natural gas in Aswan. The project’s total investment cost is estimated at US$ 787 million.
