Evergrow in Talks with NBE to Finance 65% of Its Nitric Acid Plant
Evergrow for Speciality Fertilizers, a leading manufacturer for many kinds of specialty fertilizers in Egypt, has entered negotiations with the National Bank of Egypt (NBE) over credit facilities to finance its new plant to produce nitric acid, banking sources told Amwal Al Ghad on Monday.
The sources stated that Evergrow is seeking credit facilities designated for its new plant in Sadat Industrial city in which the investment cost worth EGP 700 million.
Evergrow is seeking NBE’s contribution to its new project by 65%; whereas the firm will contribute with 35%, the source added.
On Evergrow’s new plant, the sources noted that it is set to become the third largest plant of its kind in the world. It will contribute to creating around 4 thousand direct and indirect job opportunities. The new plant is also committed to implement an integrated environmental projection system.
Evergrow – In Depth
By the year 2006 Evergrow was founded in Abo Rawash Industrial Zone, 6th October city, Giza Governorate, as the first Egyptian company specialized in the manufacturing of fully soluble potassium sulfate, mono-ammonium phosphate (MAP), urea phosphate (crystal and liquid), different NPK solid and liquid formulas and calcium nitrate ( crystal and liquid). The company is planned to compete with major international companies Operating in that field to produce a wide range of specialized fertilizers to overcome a part of the needs of the local and international markets.
