Arab Finance: Egyptian Ethylene and Derivatives Company (ETHYDCO) is seeking to get a $250 million loan from UAE’s Mashreq Bank to settle USD-debt to local banks, Asharq Business reported on August 8th, citing unnamed sources familiar with the matter.
The two-year term loan will be used to pay off the remaining sum of the company’s loan to a number of local banks in 2024, according to one of the sources.
The company has already settled $1 billion of the debt, and it will pay off $250 million once it receives the loan from the Emirati bank, a source added.
In 2014, a banking consortium led by the National Bank of Egypt (NBE) provided a $1.25 billion loan to ETHYDCO for financing the company’s project in Alexandria, which spans 175 feddans.