Middle East Economic Survey

VOL. L

No 28

9-July-2007

Egypt

Local Banks Raise $380Mn Loan For Damietta Fertilizer Plant

A number of local banks in Egypt, including Banque Misr, Commercial International Bank and Arab Bank, have agreed to participate to the tune of $380mn (40%) in a $950mn syndicated loan that is being put together for the construction of a 1.3mn tons/year capacity plant to produce ammonia and urea at Egypts Nile Delta city of Damietta by Agrium-Egypt for Nitrogen Products (E-Agrium)....