CIB Markets US$ 175 Mln Ethylene Loan By Mid May

Commercial International Bank plans to market its share in the loan offered to Egyptian Company for Ethylene which is equal to US$ 175 million by the second half of next May.

Sources said the total value of the syndicated loan is US$ one billion which will finance the establishment of ethylene and polyethylene plants in Alexandria.

National Bank of Egypt, Banque Misr and Banque Du Caire approved offering a US$ 240 million bridge loan to issue letters of credit for the contractor of the project. National Bank of Egypt and Banque Misr provided US$ 85 million each, while Banque Du Caire provided US$ 70 million.

National Bank of Egypt participated with US$ 450 million in the loan-term loan; of which US$ 200 million will be marketed.

Banque Misr participated with US$ 225 million and Banque Du Caire and Arab International Bank provided US$ 75 million each.