Carbon Holding secures $1.25 bln from Africa Finance to fund project in Sokhna

Egypt’s Carbon Holding Company and African Finance Corporation (AFC),  operating in financing developmental projects in Africa, signed a financing contract  of $1.25 billion to fund petrochemical complex in Ain Sukhna.

Prime Minister Mustafa Madbouli attended the signing ceremony on the side line of side lines of Africa 2018 forum in the presence of the Minister of Investment Sahar Nasr and chairman of the Suez Canal Authority, Mohab Mamish.

With a total investments of $11 billion, the petrochemical complex is the largest in the MENA region.

During the ceremony, Nasr stressed the government’s keenness to attract more investments into the SCZone.

Chairman of Carbon Holding Company, Basil al-Baz, revealed that a total of $5.4 billion in funding has been secured from various sources.

Moreover, he said that their recent visits to different countries to promote the SCZone has been fruitful, with them signing with more than 16 European and American banks.

On the other hand, Baz also  said that they will soon build and launch residential buildings for the labour force. The residential area will cover 0.5 metres squares and will house 35 thousand individuals, adding that the design of the pier that serves the project has been completed and that implementation will start soon.