CIB Markets US$ 175 Mln Ethylene Loan By Mid May

By Administrator On Apr 30, 2012

Commercial International Bank plans to market its share in the loan offered to Egyptian Company for Ethylene which is equal to US$ 175 million by the second half of next May.

Sources said the total value of the syndicated loan is US$ one billion which will finance the establishment of ethylene and polyethylene plants in Alexandria.

National Bank of Egypt, Banque Misr and Banque Du Caire approved offering a US$ 240 million bridge loan to issue letters of credit for the contractor of the project. National Bank of Egypt and Banque Misr provided US$ 85 million each, while Banque Du Caire provided US$ 70 million.

National Bank of Egypt participated with US$ 450 million in the loan-term loan; of which US$ 200 million will be marketed.

Banque Misr participated with US$ 225 million and Banque Du Caire and Arab International Bank provided US$ 75 million each.