Banque Misr, Arab International Bank, Bank Audi Egypt, Faisal Islamic Bank of Egypt and Alex Bank Intesa Sanpaolo consider contributing to a loan arranged by the National Bank of Egypt (NBE) for the Egyptian Ethylene and Derivatives Company (Ethydco) to finance the construction of a new electrical power plant that will provide the company’s industrial complex with the required power.
Sources said NBE approved to raise the value of finance from EGP 800 million to EGP 1.1 billion after the costs of construction have hiked and the value of Egyptian pound fell against other currencies, In addition, the finance has a dollar-currency segment as some of the required materials will be imported from outside the country.
NBE will contribute from EGP 300 million to EGP 400 million to the loan and will assign other banks to provide the rest of the finance. The bank plans to sign the memorandum of terms and conditions with the company this month.
It is worth mentioning that Ethydco received a loan worth US$ 1.250 billion from five banks to finance the establishment of a complex ethylene and polyethylene plants in Alexandria.