Banque Du Caire Mulls Contributing US$70 Mln To Loan For Hydrocarbon Corp.

Banque Du Caire considers contributing US$ 70 million to a long-term loan arranged by Banque Misr, Commercial International Bank (CIB) and Ahli United Bank Egypt for Egypt Hydrocarbon Corporation.

Sources said the loan arrangers increased the value of credit facilities to US$ 328.2 million, up from US$ 298 million because of an increase in the investment cost of the project from US$ 454 million to US$ 500 million.

The 10-year term loan, which has grace period of three years, will be used to finance the establishment of an ammonium nitrate factory in Ain Sukhna.

Banque Du Caire acts as the main loan arranger and security agent, CIB acts as main loan arranger and facility agent and Ahli United Bank Egypt acts as main loan arranger.