Egyptian for Ethylene’s loan agreement to be signed on Thursday

Banque Misr, National Bank of Egypt and Banque du Caire decided to sign the bridge loan agreement arranged for Egyptian Company for Polyethylene to finance opening a letter of credit for the Project’s contractor.

Banque Misr provides US$ 85 million of the value of the bridge loan, NBE also provides US$ 85 million and Banque du Caire provides US$ 70 million, Mohamed Abbas Farid, vice chairman of Banque Misr, told Amwal Al Ghad.

Farid added that the agreement of the total value of the loan will be signed before next June. The project will be executed on three phases starting with polyethylene then ethylene and Polypropylene.

The loan arrangers agreed that Banque Misr will provide US$ 225 million of the loan, NBE US$ 450 million, CIB US$ 175 million, Banque du Caire US$ 75 million and Arab International Bank US$ 75 million, Farid informed.