Egypt’s Carbon Holdings secures USD 1.25 bn for petrochemical complex
INVESTMENT WATCH- Carbon Holdings has secured another USD 1.25 bn in financing to build its massive Tahrir petrochemicals complex after signing a contract with the Lagos-based Africa Finance Corporation, Reuters reports. Carbon has now raised c. USD 5.4 bn for the USD 10.9 bn Tahrir Petrochemicals Company, according to a separate statement from cabinet. That includes USD 1.6 bn from the UK, which we exclusively reported earlier this year, and possibly a reported USD 3.1 bn in standby funding from Chinese lenders. Basil El Baz’s Carbon Holdings is raising debt financing from US, UK and German export credit agencies and development finance institutions. The plant could help double total Egyptian exports and create tens of thousands of jobs directly and in related manufacturing industries.