KIMA in talks with banks to acquire additional financing for KIMA 2 in Aswan

The Egyptian Chemical Industries Holding Company (KIMA) is in talks with the banks financing its KIMA 2 fertilizer production facility in Aswan to acquire additional funding, Chairman Yasser El Naggar tells Al Masry Al Youm. The banks in question — National Bank of Egypt, Banque Misr, Banque Du Caire, Arab African Bank, and Blom Bank — have already arranged USD 180 mn for the project, around 51.5% of its total cost. The company is hoping to have banks cover 63% of project expenses and expects to hear back before the end of August, El Naggar said. Sources tell the newspaper that KIMA might be getting up to USD 220 mn. KIMA is also expecting an additional EGP 800 mn facility from the banks in local currency.