Banks shares in Ethylene loan reaches $ 1.2 billion

Egyptian Company for Ethylene’s loan arrangers has provided the needed US$ 1.3 billion as the final loan agreement will be signed by the end of April.

Mahmoud Montasser, Board member of National Bank of Egypt and supervisor of credit sector at the Bank, said that NBE approved to lend the Company US$ 450 million, on condition that it shall keep US$ 200 million and market the rest.

Banque Misr will provide US$ 225 million, CIB will provide US$ 175 million as well as Banque du Caire and International Arab Bank will provide jointly US$ US$ 150 million.

This loan will finance the establishment of ethylene and polyethylene plants in Alexandria.

Montasser added that NBE, Banque Misr and Banque du Caire will lend Egyptian Company for Ethylene US$ 240 million by the end of March, so as to open a documentary credit for the Project’s contractor.

Noteworthy that NBE and Banque Misr will provide jointly US$ 170 million and Banque du Caire will provide US$ 70 million.