20 June 2012
The Egyptian Gulf Bank will participate to the tune of EGP 500 million as project finance to two companies this year, the Egyptian Company for Ethylene and Derivatives and the East Delta Electricity Production Company, chief executive Ali Shaker told Zawya.
The Egyptian Gulf Bank will participate to the tune of EGP 500 million as project finance to two companies this year, the Egyptian Company for Ethylene and Derivatives and the East Delta Electricity Production Company, chief executive Ali Shaker told Zawya.
EGB's share of the financing has not yet been finalized, "but it will not be less than EGP 250 million for each company", Shaker said.
Egyptian Company for Ethylene and Derivatives, or Ethylco, is building an ethylene and polyethylene complex in Alexandria with a project value of USD 1.427 billion. A number of Egyptian banks have agreed to lend USD 1 billion for its construction, according to a person close to the transaction.
The new plant will produce 400 kilotons per annum of ethylene and its derivatives. It will provide ethylene feedstock to the second phase of the project, which includes production of styrene and polystyrene in addition to polyethylene.
© Zawya 2012
