Export Development Bank Mulls Contributing EGP 250 Mln To Ethylene Loan

By Administrator On Oct 24, 2012

The Export Development Bank of Egypt (EDBE) targets to contribute to the US$ 1.250 billion syndicated loan arranged by five banks to the Egyptian Company for Ethylene to finance the construction a complex of ethylene and polyethylene plants in Alexandria.

Sources told Amwal Al Ghad that the bank aims at contributing from EGP 200 million to EGP 250 million to the value which the National Bank of Egypt (NBE) said it will ask other banks to offer.

The complex of ethylene and polyethylene plants will be built on an area of 170 feddans (176.46 acres) with an investment cost of EGP 11.5 billion.

The US$ 1.250 billion loan will be secured through contributions from banks with the following values: NBE (US$ 450 million), Banque Misr (US$ 225 million), Commercial International Bank (US$ 175 million), Banque Du Caire (US$ 75 million) and Arab Investment Bank (US$ 75 million).