Banque Misr, Bank Audi, ADIB Sign Al-Nouran Sugar Loan Conditions Memo

Banque Misr, Bank Audi Egypt and Abu Dhabi Islamic Bank have signed the memorandum of terms and conditions of the EGP 1.5 billion loan arranged for Al-Nouran Sugar Company to establish a sugar factory in Salhia City in Sharkia governorate. The term of the loan ranges from eight to 10 years.

Sources told Amwal Al Ghad that the banks plan to ask Islamic banks and conventional ones having Islamic banking licenses to contribute to the loan.

International Company for Leasing (Incolease) and Segolease have officially left the banking consortium. The loan arrangers had earlier approved to raise the value of the finance from EGP 1.2 billion to EGP 1.5 billion as the establishment cost rose.

The Industrial Development Authority approved Al-Nouran Sugar Company’s request to establish a factory in Salhia City in Sharkia Governorate in the third quarter of 2010. The company is subsidiary to Al-Nouran Holding Company which is an importer, exporter, marketer and distributor of goods; mainly raw materials and white sugar.