The government’s soda ash project is still a go: The state-ownedcompany leading a project to build a soda ash complex wants to obtain a USD 450 mn loan to fund the project, reports Asharq Business, citing two sources it says are in the know. The Egyptian Soda Ash Company is in talks with a syndicate of local and international banks led by Banque Misr and the National Bank of Egypt (NBE) for the financing, which would fund the construction of the planned complex in New Alamein.

We’ve finally got a timeline and a cost estimate: The complex is estimated to cost a total of USD 685 mn to build and have an annual capacity of 600k tonnes. Construction is expected to get underway sometime in 2024 and take three years to complete.

Who owns what — according to Youm7:

  • The company is primarily state-led, counting the Egyptian Petrochemical Holding Company, Chemical Industries Holding Company, and the military’s Arab Organization for Industrialization among its shareholders.
  • With some input from the private sector: A 45% stake in the firm is held between private-sector firms Polyserve, AMN Industrial Investment, and Life Chemicals Group .

No, not that soda: Soda ash — AKA sodium carbonate — is a common chemical compound used in the manufacturing of several products such as glass, cleaning detergents, pharma products, fertilizers, and paper.

But, why does the state care about soda ash?Localizing the production of soda ash helps to localize other related and feeder industries, which in turn would reduce our import reliance and FX outflows.

Tags: