{"id":629409,"date":"2018-05-30T04:11:32","date_gmt":"2018-05-30T04:11:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/uk-government-to-provide-usd-1-6-bn-funding-package-to-carbon-holdings-tahrir-plant-uk-investment-minister\/"},"modified":"2018-05-30T04:11:32","modified_gmt":"2018-05-30T04:11:32","slug":"uk-government-to-provide-usd-1-6-bn-funding-package-to-carbon-holdings-tahrir-plant-uk-investment-minister","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/uk-government-to-provide-usd-1-6-bn-funding-package-to-carbon-holdings-tahrir-plant-uk-investment-minister\/","title":{"rendered":"UK government to provide USD 1.6 bn funding package to Carbon Holdings\u2019 Tahrir plant -UK Investment Minister"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EXCLUSIVE- The UK will be providing Carbon Holdings\u2019 Tahrir Petrochemicals Corporation with \u201can unprecedented\u201d USD 1.6 bn financing package<\/strong> through UK Export Finance, the country\u2019s export credit agency, UK Minister of Investment Graham Stuart told us in an interview in Cairo yesterday.<\/p>\n<p><strong>TPC could help double Egypt\u2019s total exports, catalyze industrial growth: <\/strong>\u201cWe are excited about Egypt developing its downstream capabilities and supportive of the aspiration that the plant could help double total Egyptian exports,\u201d he said, adding that the project will not only create jobs, but could also serve as a \u201ccatalyst for the development of more manufacturing and other labor intensive activities.\u201d The UK government is in the \u201cclosing stages\u201d for the financing, he also said. Carbon Holdings had <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/22\/carbon-holdings-to-reach-financial-close-on-tahrir-petrochem-complex-by-years-end\/\">said last month<\/a> it was planning to reach financial close on the nearly USD 11 bn project by year\u2019s end. The outfit is covering 26% of the plant\u2019s cost with equity commitments, with the remainder of the finding package taking the form of loans backed by development finance institutions from countries including the UK, United States and Germany, the company said at the time.<\/p>\n<p><strong>Show of confidence in Egypt: <\/strong>The financing package for TPC is a \u201cshow of confidence\u201d in Egypt and its reform program from its \u201ctop foreign direct investor,\u201d Stuart said, adding that UK investments round off to 41% of Egypt\u2019s total FDI inflows.<\/p>\n<p><strong>UK investors see opportunity across a wide range of sectors in Egypt, including tech and education,<\/strong> which hold a lot of untapped potential,the minister said.<\/p>\n<p><a href=\"http:\/\/www.blatchford.co.uk\/\"><strong>Prosthetics maker Blatchford<\/strong><\/a><strong> is planning to establish a major \u201cstate-of-the-art microprocessor limb manufacturing plant\u201d in Egypt<\/strong> that is expected to \u201chelp develop that kind of technological capacity in the country.\u201d<\/p>\n<p><strong>Investing in K-12, post-secondary education: <\/strong>Education and the development of human capital also offer opportunities, he added, pointing to a 2017 agreement between the government and <a href=\"https:\/\/www.kortext.com\/about-us\">personal learning platform Kortext<\/a> to ensure the availability of Education Ministry-issued textbooks to school students. The British government is also trying to support the establishment of British university campuses in Egypt, with Liverpool University already in advanced talks to open a local branch.<\/p>\n<p><strong>On oil and gas<\/strong>, a traditional strength for the UK in Egypt, companies including Shell and BP are already well established in the local market, Stuart said. The minister met with Oil Minister Tarek El Molla yesterday, <a href=\"http:\/\/d1y99r0ynoudrd.cloudfront.net\/news\/details\/1295863\">according to Al Masry Al Youm<\/a>. El Molla directed UK investors to new tenders out for oil and gas exploration and plans underway to turn Egypt into a hub for natural gas exports, particularly to Europe.<\/p>\n<p><strong>\u201cDouble-down\u201d on reforms: <\/strong>The British government is looking to \u201cexplore ways that we can support the government\u2019s reform program,\u201d which has already delivered results such as lower inflation and unemployment rates, Stuart also told us. \u201cWe want to be partners in helping them strengthen that.\u201d The UK, through the London Stock Exchange, has already helped Egypt raise USD 11 bn in sovereign bonds and is ready to help private sector companies looking to join the financial market. \u201cIt\u2019s a constant battle to work to get your fundamentals right and the government\u2019s made great progress over the last two years,\u201d he said. \u201cOur recommendation would be to double-down on that and say that you got to keep working to improve the ease of doing business and to give investors confidence and create the best possible environment to attract and retain investors.\u201d<\/p>\n<p><strong>Does that mean flights to Sharm will be back soon? <\/strong>Don\u2019t get ahead of yourself, Bubba. Talks on that front are ongoing, Stuart said: \u201cWe\u2019re pointing out that we have 47 flights a week from the UK to Egypt as we stand,\u201d including trips to Marsa Alam, Luxor, and Hurghada, he said, noting that UK tourist arrivals to Egypt nearly doubled last year, \u201cand we\u2019re expecting the same again to happen this year.\u201d<\/p>\n<p><strong>Post-Brexit trade relations are also secure<\/strong>, the minister said. The UK government is working hard to ensure that its exit from the European Union will not impact its freetrade agreements with all its trade partners, Egypt included. While both governments are keen on the continuity of trade ties, talks over new bilateral agreements will have to wait until the UK is both out of the EU and the implementation period that will follow, he told us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- The UK will be providing Carbon Holdings\u2019 Tahrir Petrochemicals Corporation with \u201can unprecedented\u201d USD 1.6 bn financing package through UK Export Finance, the country\u2019s export credit agency, UK Minister of Investment Graham Stuart told us in an interview in Cairo yesterday. TPC could help double Egypt\u2019s total exports, catalyze industrial growth: \u201cWe are excited [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-629409","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b2f42c3b-e211-4e72-9021-267385c67c6d","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[629403],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK government to provide USD 1.6 bn funding package to Carbon Holdings\u2019 Tahrir plant -UK Investment Minister - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/30\/uk-government-to-provide-usd-1-6-bn-funding-package-to-carbon-holdings-tahrir-plant-uk-investment-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK government to provide USD 1.6 bn funding package to Carbon Holdings\u2019 Tahrir plant -UK Investment Minister\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- The UK will be providing Carbon Holdings\u2019 Tahrir Petrochemicals Corporation with \u201can unprecedented\u201d USD 1.6 bn financing package through UK Export Finance, the country\u2019s export credit agency, UK Minister of Investment Graham Stuart told us in an interview in Cairo yesterday. 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Carbon has now raised c. USD 5.4 bn for the USD 10.9 bn Tahrir Petrochemicals Company, according to a\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626415,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/02\/carbon-holdings-signs-contracts-for-its-usd-10-9-bn-petrochemicals-facility\/","url_meta":{"origin":629409,"position":1},"title":"Carbon Holdings signs contracts for its USD 10.9 bn petrochemicals facility","author":"enterpriseam admin","date":"2 July 2018","format":false,"excerpt":"INVESTMENT WATCH- Carbon Holdings signs contracts for its USD 10.9 bn petrochemicals complex: Carbon Holdings signed on Saturday contracts with the Suez Canal Authority and a host of service providers and technical partners, kicking off its USD 10.9 bn petrochemicals facility known as Tahrir Petrochemicals Corporation (TPC). The 5 mn\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":642932,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/27\/carbon-holdings-making-a-splash\/","url_meta":{"origin":629409,"position":2},"title":"Carbon Holdings making a splash","author":"enterpriseam admin","date":"27 August 2017","format":false,"excerpt":"INVESTMENT WATCH- Carbon Holdings expects to break ground by June 2018 on its USD 10.6 bn Tahrir petrochemicals complex at the heart of which is \u201cEgypt\u2019s first naphtha cracker and will produce different types of petrochemicals used to make various consumer and industrial goods, according to Reuters.\u201d Tahrir Petrochemicals will\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624478,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/10\/carbon-holdings-says-it-could-start-construction-on-tpc-in-1q2019\/","url_meta":{"origin":629409,"position":3},"title":"Carbon Holdings says it could start construction on TPC in 1Q2019","author":"enterpriseam admin","date":"10 September 2018","format":false,"excerpt":"**#5 Carbon Holdings says it could start construction on TPC in 1Q2019: Carbon Holdings expects to break ground on the first phase of its Tahrir Petrochemicals Complex (TPC) early in 2019 after it reaches financial close on the USD 10.9 bn project late this year, Managing Director of Corporate Finance\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627002,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/17\/carbon-holdings-to-reach-financial-close-on-tpc-before-years-end-in-talks-with-various-equity-investors-over-funding\/","url_meta":{"origin":629409,"position":4},"title":"Carbon Holdings to reach financial close on TPC before year\u2019s end, in talks with various equity investors over funding","author":"enterpriseam admin","date":"17 July 2018","format":false,"excerpt":"Carbon Holdings expects to reach financial close on its USD 10.9 bn Tahrir Petrochemicals Complex (TPC) by the end of the year, Managing Director for Environment and Sustainability, Mohamed Hassan, tells Bloomberg in an interview. The project is being financed by a USD 5.4 bn debt package through institutions such\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":626559,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/chinese-lenders-make-usd-3-1-bn-in-funding-available-for-carbon-holdings-usd-10-9-bn-petrochem-complex\/","url_meta":{"origin":629409,"position":5},"title":"Chinese lenders make USD 3.1 bn in funding available for Carbon Holdings\u2019 USD 10.9 bn petrochem complex","author":"enterpriseam admin","date":"5 July 2018","format":false,"excerpt":"Chinese lenders make USD 3.1 bn in funding available for Carbon Holdings\u2019 USD 10.9 bn petrochem complex: A group of unnamed Chinese lenders have made USD 3.1 bn in backup funding available for Carbon Holdings\u2019 Tahrir Petrochemicals Corporation (TPC), Suez Canal Economic Zone (SCZone) deputy head Mahfouz Taha tells Al\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629409","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=629409"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/629409\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/629403"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=629409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=629409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=629409"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=629409"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=629409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}