Carbon Holding Receive $4.5bln Loans from Global Lenders in Q4-2014

Egypt’s Carbon Holding is aiming to get loans worth US$4.5 billion from banks and financial institutions within the last quarter of 2014 in order to implement Tahrir complex for petrochemical.

Senior sources in the firm have emphasized Amwal Al Ghad that the negotiations between the international institutions and Carbon are about to be finalised, stressing that Carbon is aiming to start the project’s implementation after obtaining the first installment of the loan, which is not yet agreed.

In statements on Wednesday, the sources said the banks which Carbon in talks with them including Export-Import Bank, Korea EXIM Bank, SACE Bank in addition to OPIC.

He explained that there is no agreement on the financed parties for the project till now, stressing that the financed will be paid over 12 years, the implementation period of the project reaches about 5 years.

The total cost of the project valued at US$7 billion, Chemical Industries Holding Company announced its contribution to 24% of the project, a number of Arab and Egyptian investors will take part in the project.

Moreover, the project is aiming to produce around 1.35 million tons of polyethylene, 400 thousand tons of gasoline, 215 thousand tons of butadiene as well as providing 20 thousand direct and indirect job opportunities.