Inter Cairo: CIB Bank Agrees to Finance US$300mn for Aluminum Plant

Big 5

Commercial International Bank (CIB) has initially approved to finance US$300 million in Favor of Inter Cairo Company for aluminum industry so as to set up a new factory for aluminum with US$500 million total investment cost.

In statements to Amwal Al Ghad on Monday Chairman of Inter-Cairo Khaled Ali Abdallah revealed that his company is aiming to obtain 60% from the total value of cost while  the remaining cost will be self-financing with the participation of a number of Chinese and Almalizin investors.

Inter Cairo has previously entered negotiations with the National Bank of Egypt (NBE), CIB but the company obtained an initial approval so as to finance the investment projects that production capacity ups 10.000 tonnes of aluminum in manufacturing car bodyshop, stressing that the factory’s products will serve nearly 54 private intermediate industry specially household and automotive industries.

it has addressed a number of Global automakers including Volkswagen Group , Bavarian Auto Trading Company (BMW) in order to introduce them to the products of the factory which will be established, noting that the proportion of the contribution of the foreign partner in the factory will not exceed 40% of total capital.

The company had intentions to set up huge industrial complex for aluminum with total a notification from the 6th of October City that the area is available for the project and it does not exceed 40 thousand feddan, resulting in a decline on the implementation of the complex investment cost ups US1 billion on an area of 200.000 meters in Oasis but it received  a notification from  6th of October City regarding the area of project which do not exceed 40.000 feddan which led to declining the implementation of the complex.