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National Bank of Egypt, Banque Misr and Banque Du Caire approved a bridge loan to Egyptian Company for Ethylene in value to $240m by then end of March, to open a documentary credit in favor of the Project’s general contractor.
Mahmoud Montaser, member of NBE’s Board, said that the loan shares are divided among National Bank of Egypt by $85 million, Banque Misr by $85 million and Banque Du Caire by $70 million.
Egyptian Company for Ethylene intends to have a $1.25 billion from National Bank of Egypt, Banque Misr, Commercial International Bank, National Societe Generale Bank and Arab International Bank to finance the establishment of Ethylene and polyethylene plants in Alexandria.
