Egypt Aluminum in talks with banks for USD 600 mn financing for new product line

State-owned Egypt Aluminum is in talks with five local and international banks to finance a portion of its planned USD 600 mn new product line, according to Al Mal. The company is looking to borrow 70% of the funds and will finance the remaining 30% through a capital increase. The banks include the National Bank of Egypt (NBE), CIB, the Arab African International Bank (AAIB), Qatar National Bank (QNB) and the European Investment Bank (EIB).