Banque du Caire leads consortium in $162mln funding for MDF plant

The financing will cover the investment costs for constructing Egyptian Petrochemicals Holding Company’s plant in Idku

  
People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

People stand in the line to make withdrawals outside Cairo Bank in downtown Cairo February 6, 2011.

REUTERS/Amr Dalsh

Cairo – Banque du Caire said that it will lead a consortium of banks, with a value of EUR 150 million or EGP 2.67 billion, to finance Egypt's first medium-density fibreboard (MDF) plant.

The financing will cover the investment costs for constructing Egyptian Petrochemicals Holding Company’s (Echem) plant in Idku for making MDF from rice straw.

The new plant, the first of its kind in Egypt, will have an annual output capacity of about 205,000 cubic metres.

The project is set to create new 2,000 direct and indirect jobs, while around 50% of its output will be exported, boosting thereby foreign currency inflows, the lender said.

Source: Mubasher

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