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Monday, 23 April 2018

Eight banks supposedly provide OCI with USD 476 mn loan

Eight banks are allegedly providing Orascom Construction Industries (OCI) with a USD 476 mn five-year syndicated loan, Al Shorouk reports in a poorly-written piece citing sources. All we can gather from the story is that loan will be doled out in both USD and EGP, and it has something to do with funding Egyptian Fertilizers Company plant in Ain Sokhna, which it fully acquired back in 2008. Banks participating in the loan include the National Bank of Egypt, Emirates NBD and Abu Dhabi Islamic Bank.

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