Carbon Holdings hopes to conclude US$4 bln debt financing for US$7.4 bln Tahrir project

25-May-15

Egypt's Carbon Holdings hopes to conclude a US$4 bln debt financing with export credit agencies to back its US$7.4 blon Tahrir Petrochemicals project by the end of this year, as per Reuters. One of the biggest petrochemical projects ever in Egypt, it will be situated at the southern end of the Suez Canal at Ain Sokhna. The scheme will comprise a 4 mln tpa naphtha cracker and petrochemical plant, according to Project Finance International. The 17-year debt facility is being provided by five organisations, Basil El-Baz, Carbon Holdings' chief executive, told reporters. They are the Export-Import Bank of the United States, the Export-Import Bank of Korea, Korea Trade Insurance Corporation, Sace of Italy and the U.S. Overseas Private Investment Corporation.