The National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank (AIB), arranging a loan for Egyptian Company for Ethylene, approved to assign an Islamic segment of the US$ 1.250 billion loan to Islamic banks.
After the customer’s approvals, the banks decided to assign Faisal Islamic Bank of Egypt to contribute US$ 50 million to the loan.
The loan, which will be used to finance the construction a complex of ethylene and polyethylene plants in Alexandria, is the largest loan arranged by national banks for a national project.
The ownership structure of the project will be divided as follows: Egyptian Petrochemicals Holding Company (20%), Sidi Kerir Petrochemicals Co. (20%), GASCO Company (11%), National Bank of Egypt (21%), National Investment Bank (14%), Banque Misr (10%) and Nasser Social Bank (4%).
The US$ 1.250 billion loan will be secured through contributions from banks with the following values: NBE (US$ 450 million), Banque Misr (US$ 225 million), Commercial International Bank (US$ 175 million), Banque Du Caire (US$ 75 million) and Arab international Bank (US$ 75 million).
