Egypt’s Evergrow signs $400 mln with 12 banks led by Mashreq, NBE

Egyptian fertiliser company Evergrow has signed on Thursday a $400 million syndicated loan agreement with a consortium of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE), who acted as the facility arrangers.

Under the agreement, some $326 million will be used to restructure previous debts Evergrow owes to the same banks, while the remaining $74 million will finance the construction of the third phase of the company’s fertiliser plant in Sadat City, slated for completion within nine months.

Evergrow faced financial difficulties following the floatation of the Egyptian pound, which significantly raised the cost of the plant’s third phase