NBE Asks Banks To Contribute US$200 Mln To Loan For Ethylene

The National Bank of Egypt (NBE) plans to ask other banks to contribute US$ 200 million to the loan which will be offered for the Egyptian Company for Ethylene to finance the construction of ethylene and polyethylene plants in Alexandria on an area of 170 feddans (176.46 acres) and with an investment cost of EGP 11.5 billion.

A consortium composed of NBE, Banque Misr, Commercial International Bank (CIB) and Arab International Bank (AIB) had finalized the memorandum information of the syndicated loan last week and it will be submitted for the banks which seek to contribute to the loan. NBE wants also to sell US$ 50 million of the debt and provides US$250 million.

The US$ 1.250 billion loan will be secured through contributions from banks as follows: NBE (US$ 450 million), Banque Misr (US$ 225 million), CIB (US$ 175 million), Banque Du Caire (US$ 75 million) and AIB (US$ 75 million).