ISbank Finances “AGCO” With $100 Million For A Paper Mill In Upper Egypt
Representative office of Turkish Isbank in Cairo began necessary studies to finance AGCO company for paper industries with $ 100 million to finance the company’s new paper mill in Upper-Egypt. AGCO has received a formal offer of the Bank’s office before the outbreak of January revolution last year.
Engineer Osama Mahmoud, AGCO Managing Director, declared that the investment value of the project is estimated at $200 million where ISBank agreed to finance 50% of the total investment for the project, but the January Uprising postponed the announcement of this partnership.
Mahmoud added that AGCO sent a comprehensive study about the project to the representative office of the Turkish Bank who agreed to participate in the financing while the company is awaiting the approval of Industrial Development Authority to acquire about 4 thousands m2 to establish the new factory.
The bank conditioned official data confirming the availability of the required quantities of “cane Bagas” needed for the project to start, which reaches more than 2 million tons per year.
Osama pointing out that the company obtained from the Holding Company for Food Industries, Holding Company for Chemical Industries official letters indicating the availability of that amount.
He aims to start the actual establishment of the factory in mid-2013, pointing out that the new factory will secure more than 2,500 direct jobs in its early stages in addition to more than 5 thousand indirect jobs.
