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Monday, 14 May 2018

NBE to arrange USD 1 bn for Al Ghurair Group’s Canal Sugar refinery

NBE to arrange USD 1 bn for Al Ghurair Group’s Al Canal Sugar refinery: The National Bank of Egypt (NBE) is arranging a USD 1 bn syndicated loan for the UAE’s Al Ghurair Group’s Al Canal Sugar refinery, sources with knowledge of the matter tell Al Shorouk. The NBE is currently in talks with a number of local banks to form a consortium to finance construction of Ghurair’s new sugar beet processing facility. The company reportedly asked the NBE to arrange first a USD 500 mn bridge loan until it can finalize procedures for the full amount, of which the company will use USD 550 mn to plant 181k feddans of sugar beets, and USD 450 mn to build its processing plant. We had reported back in February that the NBE was arranging a USD 400 mn for Al Ghurair’s project, which Investment Minister Sahar Nasr had said should help Egypt reach self-sufficiency in sugar production. NBE’s Investment banking arm, Al Ahly Capital, is financial advisor to the UAE-based company.

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