{"id":645496,"date":"2017-07-20T04:05:42","date_gmt":"2017-07-20T04:05:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/20\/two-banks-to-finance-usd-4-mn-lcs-for-lg-new-washers-production-line\/"},"modified":"2017-07-20T04:05:42","modified_gmt":"2017-07-20T04:05:42","slug":"two-banks-to-finance-usd-4-mn-lcs-for-lg-new-washers-production-line","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/20\/two-banks-to-finance-usd-4-mn-lcs-for-lg-new-washers-production-line\/","title":{"rendered":"Two banks to finance USD 4 mn LCs for LG new washers production line"},"content":{"rendered":"

LG inked an agreement with two unnamed state-owned banks that will see it receive a monthly USD 4 mn in letters of credit, an unnamed source tells Al Borsa<\/a>. The LCs will be used to cover operational costs for LG\u2019s new washing machines production line<\/a> and purchase external components. Locally-manufactured components are expected to make up 65% of total production input in the coming period, up from a current 40%. The company also plans to produce 600k machines next year up from 300k this year, as LG is looking to increase exports to Gulf and COMESA countries, and hopes to make its way into new markets, the source adds.<\/p>\n","protected":false},"excerpt":{"rendered":"

LG inked an agreement with two unnamed state-owned banks that will see it receive a monthly USD 4 mn in letters of credit, an unnamed source tells Al Borsa. The LCs will be used to cover operational costs for LG\u2019s new washing machines production line and purchase external components. Locally-manufactured components are expected to make […]<\/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":[9298],"tags":[2372,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-645496","post","type-post","status-publish","format-standard","hentry","category-banking-finance","tag-banking-finance","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"462cd20a-201a-4e5a-a3bc-ca8ae89f1eb8","order":"0","is_powered_by":true,"section_story_id":"041cbfe1-9198-4e35-8a8c-15004408c0a1","story_type":"1","photo_url":"","photo_position":"above","related_issue":[645451],"teaser":"","voice_url":""},"yoast_head":"\nTwo banks to finance USD 4 mn LCs for LG new washers production line - 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\/2017\/07\/20\/two-banks-to-finance-usd-4-mn-lcs-for-lg-new-washers-production-line\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two banks to finance USD 4 mn LCs for LG new washers production line\" \/>\n<meta property=\"og:description\" content=\"LG inked an agreement with two unnamed state-owned banks that will see it receive a monthly USD 4 mn in letters of credit, an unnamed source tells Al Borsa. The LCs will be used to cover operational costs for LG\u2019s new washing machines production line and purchase external components. 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Under\u2026","rel":"","context":"In "Speed Round"","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":602536,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/31\/lg-plans-to-invest-usd-17-mn-on-three-new-production-lines\/","url_meta":{"origin":645496,"position":1},"title":"LG plans to invest USD 17 mn on three new production lines","author":"enterpriseam admin","date":"31 March 2019","format":false,"excerpt":"LG Electronics is planning to launch three new production lines to produce refrigerators, automatic washing machines and microwaves, with total investments of USD 17 mn, according to a ministry statement (pdf). The announcement came following a meeting between Trade Minister Amr Nassar and LG Egypt CEO Don Kwak to discuss\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624615,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/13\/goldentex-wool-in-talks-for-eur-3-mn-loan-to-upgrade-production-lines\/","url_meta":{"origin":645496,"position":2},"title":"Goldentex wool in talks for EUR 3 mn loan to upgrade production lines","author":"enterpriseam admin","date":"13 September 2018","format":false,"excerpt":"Goldentex wool is in talks with several unnamed banks for a EUR 3 mn loan to finance upgrades on its existing production lines and purchase new lines as part of its three-year investment plans, CFO Ahmed Amer said. The company expects to finalize the negotiation before the end of September,\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629336,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/28\/nbe-receives-usd-200-mn-tranche-of-usd-300-mn-afreximbank-loan\/","url_meta":{"origin":645496,"position":3},"title":"NBE receives USD 200 mn tranche of USD 300 mn Afreximbank loan","author":"enterpriseam admin","date":"28 May 2018","format":false,"excerpt":"The National Bank of Egypt (NBE) has received a USD 200 mn tranche of its USD 300 mn facility from the African Export-Import Bank (Afreximbank), an unnamed bank official tells Al Shorouk. 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