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Tuesday, 10 April 2018

KIMA signs EGP 7 bn syndicated loan to finance Aswan fertilizer production facility

KIMA signs EGP 7 bn syndicated loan to finance Aswan fertilizer production facility: The Egyptian Chemical Industry Company (KIMA) signed on Thursday a EGP 7 bn syndicated loan agreement to finance its ammonia and urea production facility in Aswan, according to a statement (pdf). The agreement is an amendment to the original facility signed in 2015, and brings the banks’ total investment in the project to EGP 11.6 bn, the statement says. The National Bank of Egypt, the Arab African International Bank, and Banque Misr are initial mandated lead arrangers, underwriters and bookrunners, while Banque du Caire is mandated lead arranger and sub-underwriter. BLOM Bank and the Egyptian Arab Land Bank are also contributing to the facility. Italian engineering and construction firm Tecnimont had asked for an extra USD 76 mn to complete its work on the facility, as we noted last week. Beltone Investment and Zaki Hashem & Partners acted as financial and legal advisors to KIMA, while Sarie Eldin & Partners acted as the syndicate’s legal counsel.

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