Cairo – Mubasher: A consortium of five local banks will sign an EGP 2.3 billion bridge loan deal with Canal Sugar Co, partially owned by UAE-based Al Ghurair Group, to finance the establishment of the $1 billion beet sugar plant in the Upper Egypt governorate of Minya.
The consortium comprises: the National Bank of Egypt (NBE), National Bank of Kuwait (NBK), QNB Alahli Bank, Bank of Alexandria, and another bank whose name will be unveiled soon, sources told Almal News.
The loan will be paid in tranches over nine months, they added.
Canal Sugar Company has appointed Al Ahli Capital as its financial advisor for the project.
The company's CEO said previously said that the sugar plant was being built at $550 million in investments to cultivate 181,000 acres.
