ICEC

Banks offer €133 mln loan to Egypt’s Abu Abu Qir Fertilizers

Six banks are putting together a financing offer of €133 million ($158.7 million) for Egypt’s state-run major nitrogen fertilizers producer, Abu Qir Fertilizers and Chemical Industries.

A source close to the situation said the banks were the National Bank of Egypt, Commercial International Bank, Banque Misr, Arab African International Bank, QNB Alahli, and Mashreq Bank.

The financing offer includes two tranches, the first is a euro-dominated worth of €103 million, while the second is in Egyptian pound equivalent to €30 million, the source added.

It is set to paid over 10 years, including a three-year grace period, the source further told Amwal Al Ghad on Sunday.

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