CIB Studies Participation in “KIMA” Loan with $75 mln

Heba Abdel Latif, Director Head of Structured Finance in CIB, said bank studies participating with $ 75 million in the joint loan provided to the Egyptian Chemical Industry – KIMA. In statements to “Amwal Al Ghad”, Heba Abdel Latif asserted that the Commercial International Bank (CIB) decided to decrease its share from 100 to $75 million; after decreasing the total value of funding from $516 million to $445 million.

She added that this value includes the bank’s share of dollar and local segments of the loan which its outcome if for financing the construction of two lines for producing Ammonia and Urea in Aswan. The total value of funding reaches $445 million representing 56.4% of the project’s total investment cost, which its value is $787 million including the returns. It will be on two segments, the first is foreign with $ 224 million; and the second is local with $ 221 million, equivalent to EGP 1.33 million.

The banks’ list, prepare to the loan, includes NBE, Banque Misr, Banque Du Cairo, CIB, Arab African International Bank and HSBC.

The Arab African International bank studies the participation in the loan with $ 100 million. As per Banque Du Cairo’s value is $ 70- 75 million, while HSBC has announced before its participation with value reaches $ 100 million.