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Kima signs MoU to restructure loan to finance ammonia and urea plant

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World Fertilizer,

The Egyptian Chemical Industries Company has signed a memorandum of understanding to restructure an existing joint loan of US$292 million and EGP 1.92 billion with a consortium of Egyptian banks.

According to the company’s statement, the alliance of banks consists of: the National Bank of Egypt, Banque Misr, and the Arab African International Bank as the primary primary arrangers, underwriters, and finance marketers, and Banque du Caire joined them as the main arranger and guarantor of coverage, BLOM Bank Egypt and the Egyptian Arab Land Bank as lending banks.

The loan was used to finance Kima's ammonia and urea plant in Aswan, which is currently operating at 80% of the ammonia line and 104% of the urea line.

The complex will have a production capacity of 1200 tpd of ammonia and 1575 tpd of urea.

The MoU represents the main terms that will be amended to the loan agreement previously signed in 2015.

Mohamed Hussein Radwan, Managing Director of Kima, said: “We are very pleased to sign the MoU, which reflects the banks’ confidence in Kima and its future prospects. This step would not have happened without the support of the alliance of banks and our shareholders. The Ammonia and Urea Complex confirms the government’s commitment to the development of Upper Egypt, which will have an impact great for this area."

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Urea news Ammonia news