The state’s plans to localize the soda ash industry are picking up momentum once again, with the primarily state-led Egyptian Soda Ash Company inking a USD 490 mn financing agreement with a syndicate of local and regional financing institutions, according to a statement from the Oil Ministry. The revived project in New Alamein will produce 600k tons of soda ash a year, according to the statement, which did not provide an updated timeline for the project now it has secured funding.

Who’s involved? The financing package was provided by QNB Alahli, CIB, Arab African International Bank, NBK Egypt, Banque du Caire, Export Development Bank of Egypt, and NXT Bank. The National Bank of Egypt and Afreximbank acted as the project’s financial advisors.

The New Alamein complex has been in the works since at least 2023, with the start of three-year construction period construction initially pencilled in for 2024. The Egyptian Soda Ash Company has also been seeking funding since December 2023, when reports came out that it was in talks for a USD 450 mn loan for the project.

Soda ash is of the 23 priority industries that was earmarked for localization in December, as the first step of an initiative to localize 152 industries by 2030. To help localize the 23 industries, the government is offering incentives and facilities to attract and facilitate investments.

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.

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