The Arab Investment Bank plans to contribute to the EGP 520 million loan arranged by the National Bank of Egypt (NBE) and Misr Iran Development Bank for El Marakby for Metallic Industries to finance the establishment of a pellet factory in Sixth of October City.
Sources said the bank plans to contribute from EGP 50 million to EGP 100 million to the loan. Misr Iran Development Bank will contribute EGP 100 million and NBE will contribute from EGP 200 million to EGP 250 million to the loan, sources added.
Sources revealed that the Egyptian Gulf Bank (EGB), Bank Audi Egypt and Al Baraka Bank of Egypt consider joining the consortium funding El Marakby.
The total investment cost of the pellet factory is valued at EGP 800 million. Pellets are used in steel industries. The productive capacity of the factory is expected to reach 350,000 tons annually and they will be used in El Marakby factories.