CIB Injects US$ 48 Mln In Egyptian Refining Company’s Loan

Six international financial institutions arranging the US$ 2.6 billion loan for Egyptian Refining Company, owned by Citadel Capital, started marketing shares of the loan for banks in Egypt.

Some banks received invitations from international financial institutions to share in the loan, Sources told Amwal Al Ghad.
Commercial International Bank (CIB) informed European Investment Bank that it will participate in the loan by US$ 48 million out of US$ 450 million; the total value of EIB’s share, Sources affirmed.
Egyptian Refining Company will disburse the first tranche of the US$ 2.6 billion loan before the end of the current fiscal year to finance the establishment of a developed oil refinery in Cairo.

Amwal Al Ghad reported exclusively before the shares of the international institutions in the loan.

Japanese financial institutions is sharing in the initial loan tranche in value to US$ 2.3 billion as Japan Bank for International Cooperation shares with US$ 540 million and Nippon Export and Investment Insurance shares with US$ 360 million.
Export-Import Bank of Korea approved to share with US$ 800 million, European Investment Bank will share with US$ 450 million and African Development Bank will share with US$ 200 million. Two institutions will cover the secondary loans with value of US$ 225 million; of which US$ 200 million by a Japanese company and US$ 25 million African Development Bank.