9 Banks Contribute To US$ 1.250 Bln Loan For Ethydco

Nine banks approved to contribute 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 Ethylene and Derivatives Company (Ethydco).

China Development Bank, Export Development Bank of Egypt, Al Baraka Bank of Egypt, Faisal Islamic Bank of Egypt and Société Arabe Internationale de Banque (SAIB) approved to contribute to the foreign-currency segment of the loan.

National Bank of Abu Dhabi (NBAD), Egyptian Gulf Bank (EGB), Arab Investment Bank and Bank Audi Egypt will contribute to the local-currency segment of the loan.

China Development Bank, Export Development Bank of Egypt, Faisal Islamic Bank of Egypt, SAIB and Al Baraka Bank of Egypt will contribute US$ 75 million, US$ 50 million, US$ 50 million, US$ 30 million and US$ 25 million, respectively.

NBAD, EGB, Arab Investment Bank and Bank Audi Egypt will contribute EGP 180 million, EGP 150 million, EGP 120 million and EGP 100 million, respectively.

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 about US$ 25 million to to the Islamic tranche of the loan.

The US$ 1.250 billion loan will be secured through provided 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).

Banks’ contributions to the loan are as follows: