4 Banks Ink Egyptian Hydrocarbon’s Loan & $18 Mln For 1st Tranche

Banque Misr, Commercial International Bank, Bank of Cairo and Ahli United Bank have finalized the final signing the loan of  Egyptian Hydrocarbon company which its value amounted to $ 290 million in the last week.

An official source added to Amwal Al Ghad that funding will establish new factory, which the company is planning to establish it in Ain Sokhna in order to produce ammonium nitrate for mining purposes.

The source added that the 4 banks have completed the first tranche of funding by about $ 18 million within the current week, while the total establishment for the project up about $ 3.5 billion.

The source has asserted to Amwal Al Ghad that Bank of Cairo has agreed to pump $ 25 million with loan.