Egypt Chemical Industries succesfully restructures its debt

Egypt Chemical Industries signed a memorandum with a consortium of banks providing for the restructuring of a previously borrowed $292 million loan.

The received funds were used to finance the Kima plant (the city of Aswan), which produces ammonia and carbamide. Its capacity is 1.2 thousand tons of ammonia and 1.575 thousand tons of carbamide per day.

“We are delighted to have signed the memorandum that reflects the banks’ confidence in the Kima plant and its prospects,” said Mohamed Hussein Radwan, Executive Director of Kima. “Our company is included in the government’s plans for the development of Egypt and will have a great impact on the region.”