Egypt signed a $490 million framework agreement to finance a soda ash production plant in New Alamein, a project aimed at cutting imports of the key industrial chemical and boosting exports, the petroleum ministry said Sunday. Petroleum Minister Karim Badawy oversaw the signing of a memorandum of principles between the Egyptian Soda Ash Company (ESAC) — a subsidiary of the Egyptian Petrochemicals Holding Company (ECHEM) — and a consortium of national and regional lenders. The financing group includes Qatar National Bank (QNB), Commercial International Bank (CIB), Arab African International Bank (AAIB), National Bank of Kuwait (NBK), Banque du Caire, Export Development Bank of Egypt (Ebank), and Bank NXT. The National Bank of Egypt (NBE) and African Export-Import Bank (Afreximbank) are serving as financial advisers for the project. The plant, located in New Alamein's industrial zone, will have an annual capacity of 600,000 tons of soda ash and derivatives. Minister Badawy said the project aligns with Egypt's strategy to maximise value-added industries, meet local demand, and reduce reliance on imported soda ash — used in glass, detergents, paper, food, pharmaceuticals and chemicals. He added it would open new export opportunities, create direct and indirect jobs, and localise production technology. The minister said the deal reflected strong investor confidence in Egypt's petroleum and petrochemicals sector. He pledged full support to ensure timely execution and overcome potential challenges. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
