Banque Misr Joins Consortium Arranging EGP 688 Mln Finance To Egyptian Co. For Potash

By Administrator On Jul 26, 2012

Banque Misr has joined the consortium encompassing National Bank for Development (NBD) and Bank Audi which arranges sharia-compliant finance totaling EGP 688 million for the Egyptian Company for Potash and Chemical Industries.

Loan arrangers will invite banks to contribute with EGP 350 million to the sharia-compliant finance by the beginning of next August.

The three banks will ask Islamic banks and commercial banks with Islamic banking licenses to contribute to the sharia-compliant finance.

The Istisna and Ijara finance will be used to finance the establishment of a factory for fertilizers.