KIMA Negotiates With Arab Banks to Fund Its New Factory

The Egyptian Chemical Industries Company (KIMA), has started a series of negotiations and meetings with a number of Arab banks in order to provide the financial sources for implementing its new factory in Aswan and establishing a new factory for producing the ammonia and urea

Mr Eid Mohamed, Board’s Chairman, KIMA, said the company had a meeting with the Ministry of Planning and International Cooperation and addressed the Islamic International Institution in Jeddah along with a number of meetings with the National Bank for Development in Dubai, BNP Paribas and Arab Banking Corporation in order to provide the financial sources essential for the company’s new project.

He added that this tendency came amid the Egyptian banks falling behind signings the $ 423 million loan due to the current incidents and downgrading their credit ratings.

Mohamed has revealed that the company succeeded in getting initial approve from the Islamic Development Bank (IDB) in Jeddah to get $ 90 million, but the negotiations are still ongoing to get the final approve.

The company’s continuing negotiations with the board of the Islamic Development Bank (IDB) over providing the dollar part necessary for financing the project are via other banks’ participation in the fund.