The Egyptian Petrochemicals Holding Company (ECHEM) is planning to secure $700 million in financing from foreign banks, two sources told Asharq Business.

The banks include Emirates NBD, National Bank of Kuwait (NBK), Qatar National Bank (QNB), the European Bank for Reconstruction and Development (EBRD), and the African Export-Import Bank (Afreximbank), one of the sources said.

The funds include a sum of $100 million that will be directed toward a bioethanol project in Damietta, $350 million for the soda ash in the New Alamein city, and a $250 million for a silicon production project the other source revealed.

© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).