Khartoum's benefits from GERD cannot be achieved without signature of a binding legal agreement, says Sudan's irrigation minister    In Photos: Egypt's Sisi inspects a number of locally-manufactured multi-use vehicle models    Egypt's stock market slightly up, main index falls after Juhayna head arrest    42nd Cairo International Film Festival opens today amid strict precautionary measures    Not so Merry Christmas looms for coronavirus-hit Europe    Asian stocks mixed on Wednesday after Wall Street surged overnight    Armed bank robbers storm another Brazilian town, battle police in streets    UK approves Pfizer-BioNTech Coronavirus vaccine, first in the world    A gloomy Christmas in store for Gaza handicraft workshop    Deadline for reconciliation requests in building violations pushed back till end of 2020: Egypt cabinet    Egypt's capital inflows fell by half in FY2019/20, CBE    Live score: Manchester United v Paris Saint-Germain (UEFA Champions League)    Egypt confirms 392 new coronavirus cases, 16 deaths on Tuesday    Champions League a headache for Atletico: Simeone after Bayern draw    Egyptian expats to print ballots starting Thursday for 2nd stage of parliamentary run-offs    Iran's president rejects bill that would boost enrichment    In '76 Days,' a documentary portrait of lockdown in Wuhan    19-year-old Jones sends Liverpool into last 16 with Ajax win    Eni reaches agreements with Egypt, Naturgy to restart operations at gas plant in Damietta    Gana Hena play at Al-Ghad Theatre is a must go    A final battle    Free Devastation    France aiming for broader COVID-19 vaccination campaign in spring: Macron    Egypt reports 370 new coronavirus cases, 14 deaths on Monday    Brexit unresolved, as EU, UK say big differences remain    Cairo International Book Fair suspended for five months over coronavirus concerns    US will reduce number of its troop in Iraq, Afghanistan    Asia forms world's biggest trade bloc, a China-backed group excluding U.S    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    1st stage of Egypt's parliamentary elections kicks off on Saturday    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    Legend footballer Lionel Messi says he is forced to stay with Barcelona    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Iraqi conglomerate eyes developing land that housed Mubarak-era ruling party HQ    Legend Messi officially wants to leave Barcelona, hands transfer request    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

3 banks arrange syndicated loan of EGP 1.3bn for Evergrow
List includes AAIB, National Bank of Egypt and Abu Dhabi Islamic bank
Published in Daily News Egypt on 11 - 07 - 2015

The Arab African International Bank (AAIB) is arranging a loan in favour of Evergrow for Specialty Fertilizers, estimated at EGP 1.3bn, to be collected over eight years, according to statement by the bank.
The loan's contributors are the AAIB, the National Bank of Egypt (NBE), and Abu Dhabi Islamic bank. The AAIB has been nominated as the mandated lead arranger, the NBE as the security agent, and Abu Dhabi Islamic Bank as the mandated lead arranger.
In a statement, the AAIB said its participation in the fund comes as a continuation of its role in organising and granting funds to Egypt's main industrial sectors. It loan is towards boosting production and providing Egyptian youth with employment opportunities.
The bank added that obtaining final approvals and arrangement of the financing contracts are currently in progress. The funds will be used for Evergrow's expansions in its factory complex located in Sadat city, with investments amounting to EGP 2bn, scheduled to begin in 2018.
The company aims to increase its production capacity so that potassium sulphate would reach 380,000 tonnes, chloride calcium would reach 190,000 tonnes and dicalcium phosphate would reach 60,000 tonnes annually. Evergrow added that this increase would be in order to help decrease the import of fertiliser elements.

Clic here to read the story from its source.