3 Banks to Arrange US$150m Finance for Abu Qir Fertilizers and Chemicals Co

The alliance between the National Bank of Egypt (NBE) the Commercial International Bank (CIB) and QNB Al Ahli approached to arrange finance worth US$150 million in favor of Abu Qir Fertilizers and Chemicals company (AFC).

An official source in the credit banking sector said the banks approved initially to arrange finance with equally distributing shares between the three banks worth US$50 million for each bank, and the studies are continued to take the final approval.

The finance will be directed to cover the investment coverage regarding the expansion of the company’s plant so as to produce Ammonia – Urea fertilizers in Alexandria governorate.

Abu Qir Fertilizers is one of the Most Important Fertilizers Production Plants in Egypt & Africa Since 1976. It is currently operated under the Law No. 159-1981 as Joint-Stock Egyptian Company, and Produces about 70% of Fertilizers Local Requirements.

Mr. Saad Abou El Maaty, Board Member,Chairman and Managing Director of (AFC) has previously asserted that the country is planning to develop and modernize the Fertilizer firms which affiliated to the governmental sector, along with expanding in the private firms.

This comes in the time which Egyptian Arab Land Bank(EALB), NBE and CIB plan to adopt the major project in  Fertilizer sector in cooperation with sovereign quarters with EGP6 billion.