Al Baraka Likely To Contribute US$ 30 Mln To Ethylene Loan

Al Baraka Bank of Egypt targets to contribute US$ 30 million to the US$ 1.250 billion loan arranged by the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and Arab International Bank for the Egyptian Company for Ethylene.

Sources said the bank did not decide the value of contribution yet as it may contribute up to US$ 50 million after finalizing all feasibility studies as the loans in US$ necessitate conducting many studies due to the lack of dollar currency.

The loan, which will be used to finance the construction a complex of ethylene and polyethylene plants in Alexandria, is the largest loan arranged by national banks for a national project.

The US$ 1.250 billion loan will be secured through contributions from banks with 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).

Amwal Al Ghad had earlier reported exclusively that the loan arrangers approved to allocate an Islamic segment of the loan after Faisal Islamic Bank said it will contribute US$ 50 million to the loan.