Home MoneyBanks National Bank of Egypt to secure 90 mln pounds for fertiliser expansion scheme

National Bank of Egypt to secure 90 mln pounds for fertiliser expansion scheme

by Yomna Yasser

Egypt’s largest lender, the state-run National Bank of Egypt is offering to finance planned expansions for Cairo-based fertiliser major, the Egyptian Financial and Industrial Company (EFIC).

Ali Al-Sayad, Chairman of Egyptian Financial and Industrial (EFIC), announced Monday that NBE offered to secure a loan worth 90 million Egyptian pounds ($5 million) to finance his company’s plan to have a new sulfuric acid unit in Assiut.

The loan will be paid back over seven years, including a grace period of two years after the new line becomes operational, Al-Sayad said.

EFIC plans to launch a new production line in Assiut, with a production capacity of 300,000 tonnes dedicated to fill local market needs and to open up new export markets in Africa, he added.

You may also like

Leave a Comment