7 Banks To Contribute US$ 305 Mln To Ethylene Loan: Sources

Seven banks are set to contribute US$ 305 million to the US$ 1.250 billion loan arranged by the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB), Banque Du Caire and Arab International Bank for the Egyptian Company for Ethylene.

Sources said the banks that seek to contribute to the bank are Export Development Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt, Audi Bank Egypt, Blom Bank Egypt, Société Arabe Internationale de Banque (SAIB), China Development Bank (CDB).

The values of the banks’ contributions to the loan will be as follows: China Development Bank (US$ 75 million), Faisal Islamic Bank of Egypt (US$ 50 million), Export Development Bank of Egypt (US$ 50 million), SAIB (US$ 30 million), Al Baraka Bank (US$ 25-30 million), Blom Bank (US$ 25 million) and Bank Audi (US$ 40-45 million).

The ownership structure of the project will be divided as follows: Egyptian Petrochemicals Holding Company (20%), Sidi Kerir Petrochemicals Co. (20%), GASCO Company (11%), National Bank of Egypt (21%), National Investment Bank (14%), Banque Misr (10%) and Nasser Social Bank (4%).

Amwal Al Ghad had earlier reported exclusively that the loan arrangers approved to allocate an Islamic tranche of the loan. Faisal Islamic Bank of Egypt approved to contribute US$ 50 million and Al Baraka Bank of Egypt approved to contribute from US$ 25 million to US$ 30 million to the Islamic tranche of the loan.

The loan arrangers will contribute the following values: NBE (US$ 450 million), Banque Misr (US$ 225 million), Commercial International Bank (US$ 175 million), Banque Du Caire (US$ 75 million) and Arab international Bank (US$ 75 million).

The values of contributions to the loan are as follows: