Banks’ participation in the financing of the state-owned Egyptian Chemical Industries’ KIMA 2 project has been hiked to 61.8 percent, from 51.2 percent, as per a contract that was signed on Wednesday in the presence of Public Enterprise Minister Khaled Badawy.
The banks include the National Bank of Egypt (NBE), Banque Misr, Arab African Bank, Banque Du Caire, Egyptian Arab land Bank and Blom bank.
KIMA 2 is a facility for fertilizer manufacturing that is being built at the existing site of the company’s Aswan fertilizer complex, at a cost of LE 11.6 billion.
Production from the facility is expected to reach 1,200 tons of ammonia and 1,600 tons of urea per day.
The Italian company responsible for executing the project is set to finish 85 percent of construction works by the end of April and will start test operation by year-end.
The Egyptian Chemical Industries, known as KIMA, is affiliated to the Chemical Industries Holding Company, producing nitrogenous fertilizers and chemicals, including hydrogen and ammonia.
KIMA is listed on the Egyptian Exchange since August 1995 and operates within the materials sector, focusing on diversified chemicals.
It has two subsidiaries in Egypt working on agricultural products and diversified chemicals. KIMA is based in Aswan and was established in January 1956.