4 Banks to Grant Al-Nasr Coke Co- Egypt €85 mln by January

The four banks representing in the National Bank of Egypt (NBE), National Societe Generale Cairo(NSGB), Banque Misr and Banque Du Caire are planning to sign the final agreement which granted for Al-Nasr Company for Coke and Chemicals worth €85 million (EGP720 million) in the next month.

An official source informed Amwal Al Ghad that NBE is planning to seize EGP180 million  from the total value of loan, explaining that the rest shares will distribute by EGP150-200 million on Banque Misr, NSGB and Banque Du Caire.

The loan will be directed to establish the third battery of Al-Nasr Company in order to meet with the new specifications where Al-Nasr owns four batteries with 230 stoves and total annual production capacity up 1.6 million tons.

It is worth mentioning that the company established its first battery in 2000 and the second in 2006, targeting to start rebuilding the third battery which has 65 stoves and 560 K tones total annual production in order to start operating them by the coming year through the new loan which covered 68% of the total investment cost for renewing and replacing that reached €125 million.