Dec 20 2009 |
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4-bank consortium covers $1.05 billion loan
CAIRO: Four Egyptian banks formed a consortium to cover a syndicate loan of $1.05 billion, the larges from local banks. The National Bank of Egypt , Banque Misr , Arab African International Bank , and Banque du Caire arranged, underwrote and syndicated a facility for the Egyptian Nitrogen Products Company (ENPC), which is fully owned by Misr Fertilizers Production Company ( MOPCO ), Beltone Financial Holding said in a statement.The new expansions will place MOPCO at the forefront of the largest producers of nitrogen fertilizers in Egypt and the Middle East, according to the statement.
National Bank of Egypt and Banque Misr had the largest share followed by Arab African international Bank and Banque du Caire , as Initial Mandated Lead Arranger.
"This transaction is symbolic of the strength and stability of the Egyptian banking sector in light of the current global financial crisis, whereas the loan was fully underwritten by a group of local banks and marketed successfully," read the statement.
The loan will mainly finance the establishment and the operation of a plant for the production of nitrogenous fertilizers (ammonia / urea) with a capacity of 3850 tons / day of urea and 2400 tons / day of ammonia, which is an extension project for MOPCO . The total investment cost is estimated at $ 1.7 billion
Upon completion of the project, MOPCO will become one of the largest producers of nitrogen fertilizers in Egypt and the Middle East with a capacity of 5775 tons / day of urea and 3600 tons / day of ammonia.
By DailyNewEgypt Staff
© Daily News Egypt 2009
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