International Finance Corp to provide upto US$35mln in loans to Indo-Egyptian PET joint venture

10-Jun-11

The International Finance Corporation, a member of the World Bank Group, said it will provide up to $35 million in loans toward construction of a Egyptian Indian Polyester Company S.A.E., on the Red Sea coast. The new company, with capacity to produce 420,000 tpa of polyethylene terephthalate (PET), is a joint venture between India’s Dhunseri Petrochem and Tea Limited, and two Egyptian government agencies. The project is also being financed through a US$65.5 mln loan and a US$11.3 working capital facility provided jointly by Commercial International Bank and Ahli United Bank.