Blom Egypt Joins Banking Consortium in KIMA’s Loan

Blom Bank Egypt has agreed to join the bank consortium to provide the Egyptian Chemical Industries Company (KIMA) with US$ 423 million loan.

A consortium, comprised of the National Bank of Egypt (NBE), Arab African International Bank (AAIB), Banque Du Caire, and Faisal Islamic Bank of Egypt, have started syndicating the US$ 423 million loan backing share ranging between US$ 75-100 million.

Blom Bank is set to contribute with EGP 20 million in the bank consortium’s marketing loan share.

In addition, the Egyptian Arab Land Bank (EALB), Société Arabe Internationale de Banque (SAIB), Bank Audi Egypt, and the United Bank have given their initial nod to participate in KIMA’s syndicated loan share, official source told Amwal Al Ghad on Tuesday.

The loan will be used to finance the renewal of Kima’s fertilizers factory and the construction of two lines for producing Ammonia and Urea powered by natural gas in Aswan with investment cost of US$ 787 million.