A consortium of national and regional banks has signed a principles agreement to provide a $490m financing package for the Egyptian Soda Ash Company's new project in El Alamein, Egypt's petroleum ministry said on Sunday. The signing in the city of New Alamein was witnessed by Minister of Petroleum and Mineral Resources, Karim Badawi. The project, affiliated with the state-run Egyptian Petrochemicals Holding Company (ECHEM), aims to produce 600,000 tonnes of soda ash and its derivatives annually. The financial advisors for the project are a consortium of the National Bank of Egypt and the African Export-Import Bank (Afreximbank). The agreement was signed by Shaher Reda, chairman of the Egyptian Soda Ash Company, and officials from several participating banks, including Commercial International Bank (CIB), Arab African International Bank, National Bank of Kuwait, Banque du Caire, Export Development Bank of Egypt, Nxt, and QNB Alahli. Badawy said the project is part of the state's vision and the ministry's strategy to maximize added value for the national economy by meeting local market needs for these vital products and reducing the import bill. "The project will contribute to enhancing the productive capacity of Egyptian chemical industries that use this material and open new horizons for export, in addition to providing direct and indirect job opportunities," the minister said. He described the project as a qualitative leap towards localising soda ash industry technology in Egypt. The minister added that his ministry and ECHEM are ready to provide all support to expedite the project's implementation and thanked the participating banks for providing the necessary financing.
