AAIB Studies $ 100 Mln Loan to KIMA

Arab African International Bank (AAIB) studies contributing with about US$ 100 million in the syndicated loan arranged by five banks for the Egyptian Chemical Industries Company (KIMA), said Ahmos Rabea, manager of investment banking and corporate credit department at AAIB.

Rabea added in an interview with Amwal Al Ghad that the Bank will offer dual-currency loan, with about US$ 100 million, more or less, depending on the volume of banks’ contributions which will be determined later. These banks include National Bank of Egypt, Banque Misr, Banque Du Caire, Commercial International Bank (CIB) and NSGB.

The loans arrangers signed yesterday the memorandum of terms and conditions of the loan that will finance the establishment of two production lines of ammonia and urea in Aswan.

The total value of finance is US$ 444 million which represents 56.4% of the total investment cost which reaches US$ 787 million including charges. This loan is divided into a foreign-currency segment of US$ 223 million and a local-currency segment of US$ 221 million (=EGP 1.33 billion).

In other respect, Banque Du Caire considers contributing in the loan with an amount that ranges from US$ 70 to US$ 75 million and National bank of Egypt announced that it will contribute with US$ 100 million.