Blom Contributes US$ 25 Mln To Loan For Egyptian Ethylene Co.
Blom Bank Egypt has approved to contribute US$ 25 million to the US$ 1.250 billion loan arranged by the National Bank of Egypt (NBE), Banque Misr, Commercial International Bank (CIB) and Arab International Bank for the Egyptian Company for Ethylene.
Sources said the bank has sent its approval to NBE last week concerning contributing to the loan that will be used to finance the construction a complex of ethylene and polyethylene plants in Alexandria.
The ownership structure of the project will be divided as follows: Egyptian Petrochemicals Holding Company (20%), Sidi Kerir Petrochemicals Co. (20%), GASCO Company (11%), National Bank of Egypt (21%), National Investment Bank (14%), Banque Misr (10%) and Nasser Social Bank (4%).
Amwal Al Ghad had earlier reported exclusively that the loan arrangers approved to allocate an Islamic tranche of the loan. Faisal Islamic Bank of Egypt approved to contribute US$ 50 million and Al Baraka Bank of Egypt approved to contribute from US$ 25 million to US$ 30 million to the Islamic tranche of the loan.
The US$ 1.250 billion loan will be secured through contributions from banks with the following values: NBE (US$ 450 million), Banque Misr (US$ 225 million), Commercial International Bank (US$ 175 million), Banque Du Caire (US$ 75 million) and Arab international Bank (US$ 75 million).
