Egypt seeks $450M loan from local, international banks for soda ash project

Updated 12/12/2023 8:14:00 AM
Egypt seeks $450M loan from local, international banks for soda ash project

Arab Finance: The Egyptian Soda Ash Company is considering borrowing $450 million from a consortium made up of local and international banks in 2024 to finance the soda ash production project in New Alamein, two sources familiar with the matter told Asharq Business.

The consortium is led by the National Bank of Egypt (NBE) and Banque Misr, the sources said.

The project’s construction works are set to begin in 2024 and last for 36 months after awarding the contract to a construction firm, they added.

It is worth noting that the project will be established on a 185-feddan area with investments of $685 million, with the aim of producing around 600,000 tons annually of soda ash and its derivatives.

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