Egypt secures $490M financing for soda ash production project in New Alamein
Updated 8/11/2025 5:38:00 AM
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a principles agreement to finance the Egyptian Soda Ash Company’s project in New Alamein with about $490 million, as per a statement.
As one of the Egyptian Petrochemicals Holding Company's (ECHEM) projects, it aims to produce 600,000 tons of soda ash and its derivatives annually at the industrial zone of New Alamein.
The agreement was signed by Shaher Reda, Chairman and Managing Director of the Egyptian Soda Ash Company, and a financing consortium of national and regional lenders.
The consortium includes Qatar National Bank (QNB), Commercial International Bank (CIB), Arab African International Bank (AAIB), National Bank of Kuwait, Banque du Caire, the EBank, and Bank NXT.
The National Bank of Egypt (NBE) and the African Export-Import Bank (Afreximbank), the project’s financial advisor, were also present.
Badawi said the project aligns with the state’s vision and the ministry’s strategy to maximize added value for the national economy by localizing soda ash manufacturing technology.
He stressed its role in meeting local demand, reducing imports, and supporting sustainable development in new urban communities. He added that the project will boost the capacity of Egypt’s chemical industries, create direct and indirect jobs, and open new export markets.
Soda ash is used in various industries, including glass, detergents, paper, food, pharmaceuticals, and chemicals.
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