Inter Cairo Talks with 2 Banks to Provide 45% for Aluminum Complex
Inter Cairo Company for aluminum industry is aiming obtaining US$1 billion loan in order to finance part from its investment cost for an aluminum complex.
The company held talks with the National Bank of Egypt (NBE) and Commercial International Bank (CIB) to arrange joint loan so as to provide the required dollar liquidity for financing that complex totaled 45% (EGP450billion) from the cost, while the self rest cost will be provided by the investors who will contribute in the project according to banking source.
Inter Cairo eyes launching the complex in cooperation with the Chinese government and a large numbers of Gulf investors by the upcoming year.
Speaking to Amwal Al Ghad Arabic’s Website, Khaled Abd Allah the Chairman said the project’s contribution rate distributes 43% for Chinese government, 35% Egyptian side and 22% gulf investors.
The company started talking with Industry, Trade , investment and Housing Ministries so as the project will be among the government’s plan for the industry development by the coming period, Abd Allah illustrated.
Meanwhile, in October 2013 Mounir Fakhry Abdel Nour Industry, Trade and investment Minister inaugurated the company’s factory on Sixth October City with investments totaled EGP300million, its production size up 40 million tons annually and 75% allocates for exporting to Arab, African and Europe markets.
