Egyptian fertilizer manufacturer Evergrow has reached an agreement with four local banks for a USD 150 mn loan to restructure its debts, banking sources told Al Shorouk. The company borrowed USD 200 mn from the National Bank of Egypt (NBE), Banque Misr, and the Arab African International Bank (AAIB) to set up a fertilizer factory in 2017, but has only repaid USD 50 mn due to delays in delivering natural gas to the facility. NBE, AAIB, and Mashreq Bank are among the institutions that have agreed to provide the new USD 150 mn loan, the sources said.

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