Cairo – Mubasher: Chinese financial institutions have offered to provide a $3.1 billion standby funding for Carbon Holdings’ Tahrir Petrochemical Complex.
The Chinese credit will be available in case any financial institution delays in providing funding to the Egyptian firm, deputy chairman of the Suez Canal Economic Zone (SCZone) Taha Marzouk said.
A group of international financial institutions, including UK Export Finance, the United Kingdom's export credit agency, Euler Hermes, the US Overseas Private Investment Corp (OPIC), would provide $5.4 billion in loans for the Egyptian petrochemical complex.
Carbon Holdings is forecast to complete the project's financial closure in the third quarter of 2018, while the main construction works will last for four years. The project’s pilot operation will start after 38 months.
The Egyptian petrochemical company aims to generate about $8 billion from its massive project's exports.
