KIMA negotiates raising loans’ share in funding new facility

CAIRO – 3 August 2017: The Egyptian Chemical Industries Company (KIMA) is negotiating with banks to increase the share of loans in funding the company’s new facility to 62 percent from 51.5 percent, KIMA’s chairman Yasser El-Naggar said Thursday.

Naggar held a series of meetings with the National Bank of Egypt, Banque Misr, Banque du Caire and the Arab African International Bank (AAIB) to discuss the issue, a statement from the company said.

The request comes as a result of floating the Egyptian pound and the doubling of KIMA’s exports, Naggar said.

The project’s completion rate is now 65 percent. The LE10 billion project, KIMA 2 facility for fertilizer manufacturing, is being built at the existing site of the company's Aswan fertilizer complex.

A turnkey engineering, procurement and construction contract worth $540m was awarded to Tecnimont in 2011, but the project has been delayed since then.
Production from the facility is expected to reach 1,200 tons of ammonia and 1,500 tons of urea per day.