Egyptian fertilizer company Evergrow has signed a $400 million sybbdicated loan agreement with a consortium of 12 banks led by Mashreq Bank and the National Bank of Egypt (NBE), who acted as the facility arrangers. Some $ 326 mn will be used to restructure previous debts Evergrow owes to the same banks, while the remaining $74 mn will finance the construction of the third phase of the company's fertilizer plant in Sadat City, slated for completion within nine months. Evergrow faced financial difficulties following the EGP float, which significantly raised the cost of the plant's third phase
