Egypt's KIMA restructures syndicated loans worth $414mln

Loans used to finance ammonia and urea industrial complex in Aswan

  
An employee counts money at an exchange office in downtown Cairo June 5.

An employee counts money at an exchange office in downtown Cairo June 5.

REUTERS/Amr Abdallah Dalsh

Nitrogen-based fertilizer manufacturer, Egyptian Chemical Industries S.A.E., also known as KIMA, signed a memorandum of understanding (MoU) for restructuring the outstanding $292 million and 1.92 billion Egyptian pounds ($122 million) syndicated facility agreement with a group of Egyptian banks.

The syndicate included National Bank of Egypt, Banque Misr and Arab African International Bank Banque Du Caire, Blom Bank and Egyptian Arab Land Bank.

The facilities were used to finance KIMA’s ammonia and urea industrial complex in Aswan, Beltone Investment Banking, who acted as the sole financial advisor for the transaction, said in a statement.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021


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