SFD Contributes To Financing 500 Petrochemical Plants

The Social Fund for Development (SFD) approved to finance the establishment of 500 small and medium petrochemicals factories in Beni Suef with EGP 1.5 billion, in collaboration with Industrial Development Authority (IDA) and Egyptian Petrochemicals Holding Company (ECHEM).

These factories are part of a plan to establish 2500 petrochemicals factories to produce petrochemical products and raw materials for five governorates which are: Beni Suef, Port Said, Alexandria, Suez and Fayoum, sources said. IDA and ECHEM target to build such project in order to boost national economy and reduce Egypt’s imports from outside.

sources said SFD is in talks with a number of banks to contribute to the loan. SFD and a number of banks will contribute with EGP one billion to the loan, while IDA and ECHEM will contribute EGP 500 million to the loan. The factories destined to be built in Beni Suef will create about 10,000 job opportunities.