Amwal Al Ghad Reveals Banks’ Contributions To US$423 Mln Loan For KIMA

The National Bank of Egypt (NBE), Commercial International Bank (CIB), Banque Misr, Banque Du Caire and Arab African International Bank (AAIB), arranging a loan for the Egyptian Chemical Industries Company (KIMA), have agreed on the value of their contributions to the US$ 423 million loan.  The value of the loan was reduced from US$ 444 million to US$ 423 million.

Sources said NBE, Banque Misr, CIB and AAIB will each contribute US$ 90 million after reducing NBE’s contribution from US$ 150 million to US$ 90 million. Banque Du Caire’s contribution was also reduced from US$ 75 million to US$ 63 million. National Société Générale Bank (NSGB) had earlier withdrawn from the consortium.

The loan will be used to finance the renewal of KIMA’s fertilizers factory and the construction of two lines for producing Ammonia and Urea powered by natural gas in Aswan.

The definitive loan agreement is expected to be signed in January and the loan arrangers will meet within the coming days to finalize the agreement’s conditions.