Consortium of banks in India to provide financing for Egyptian petrochemical plant

08-Apr-09

India's TCI Sanmar Chemicals has arranged US$645 mln financing for a VCM and PVC producing complex in Egypt. A long-term loan of US$575 mln will be provided by a syndicate of Indian banks including State Bank of India, Bank of India, ICICI Bank, Indian Overseas Bank, Axis Bank, Export-Import Bank of India, Bank of Baroda, Indian Bank, Syndicate Bank and Union Bank of India. Cairo-based Arab An additional US$70 mln working capital facility for the project will be provided by the African International Bank. To be built at a total investment layout of US$868 mln, the plant to be located at Port Said in Egypt, will produce 400,000 tpa of vinyl chloride monomer, which will be converted into 200,000 tpa of polyvinyl chloride.