National Bank of Egypt to secure 90 mln pounds for fertiliser expansion scheme

Egypt’s largest lender, the state-run National Bank of Egypt is offering to finance planned expansions for Cairo-based fertiliser major, the Egyptian Financial and Industrial Company (EFIC).

Ali Al-Sayad, Chairman of Egyptian Financial and Industrial (EFIC), announced Monday that NBE offered to secure a loan worth 90 million Egyptian pounds ($5 million) to finance his company’s plan to have a new sulfuric acid unit in Assiut.

The loan will be paid back over seven years, including a grace period of two years after the new line becomes operational, Al-Sayad said.

EFIC plans to launch a new production line in Assiut, with a production capacity of 300,000 tonnes dedicated to fill local market needs and to open up new export markets in Africa, he added.