Cairo – Mubasher: The chairman of Chemical Industries Holding Company (CIHC) Yasser El-Naggar on Thursday said that Egyptian Chemical Industries (Kima) will finish signing the approvals of increasing the bank financing of the Kima2 project from 52% to 63%.
The project is forecast to succeed economically, especially after the increase in the company’s rates of production, sales, and exports in fiscal year 2016/2017, El-Naggar added in a statement to the Egyptian Exchange (EGX).
It is worth mentioning that the total value of the project amounts to EGP 11 billion.
On 1 August, Kima said that CIHC is negotiating with a banking alliance of four banks including the National Bank of Egypt (NBE), Banque Misr, Banque du Caire, and Arab African International Bank (AAIB) to get a loan of $59 million.
Kima implemented 67% of the total project, according to the statement, noting that the company’s target was to execute 60% of the project by the end of the current fiscal year, as the whole project will be finished within 20 months.
By 12:37 pm Cairo time, Kima’s stock declined 0.18% to EGP 5.5.
