EALB Sets to Pump EGP150 mln in KIMA, Ethylene’s Loans

The Egyptian Arab Land Bank (EALB) has allocated EGP 150 million, seeking to pump certain portions in the Egyptian Chemical Industries (Kima)’s US$ 423 million loan as well as in the Egyptian Company for Ethylene’s US$ 1.2 billion loan.

Mr. Abdel Megid Mohy El-Din – chairman of Egyptian Arab Land Bank (EALB) told Amwal Al Ghad that his banks has sent to the National Bank of Egypt (NBE) its approval of arranging loans for the two firms and is still awaiting NBE’s final confirmation.

Kima’s loan is designated to renew of its fertilizers factory as well as to establish a new factory in Aswan with investment cost of US$ 787 million. Meanwhile, the Egyptian Company for Ethylene’s US$ 1.2 billion loan is dedicated to found the complex of ethylene and polyethylene plants in Alexandria.

EALB chairman further referred that the bank has issued its final agreement to inject EGP 100 million in SODIC’s loan which is arranged by the Arab African International Bank(AAIB) .

Moreover, EALB has pumped EGP 150 million in the first joint Islamic funding facilities in terms of Istisna (Manufacturing Finance) and Al-Ijara (Islamic lease) to finance Egyptian Steel Group’s EGP 1.070 billion loan.