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Alliance of Banque Misr, Bank Audi, ADIB Egypt, and 10 other participating banks
H.E. Minister of Trade and industry, Mounir Fakhry Abdel Nour attended the signing ceremony of EGP 1.5 billion Senior Secured Islamic Term Facility on the 27th of April 2014, which was held in cabinet conference room located in the General Authority of Free Zones and Investments. The term Facility is structured as Istisnaa/Ijara, a Shariah-compliant finance scheme, designated to build a sugar manufacturing plant in El-Salheya, Sharkiya Governorate. An alliance of Banque Misr, Bank Audi, ADIB Egypt have arranged the financing agreement with 10 other participating banks, and agreed on debt coverage ratio of nearly 200%.
Banque Misr is set to maintain a stake amounting to EGP 300 million. Bank Audi will contribute with a final share of EGP 150 million, and ADIB Egypt will secure EGP 50 million. The other participating 10 banks will cover a sum of EGP 1 billion. The consortium of the participating 10 banks includes Société Arabe Internationale De Banque (SAIB), Export Development Bank of Egypt (EDBE), Arab Bank, Banque Du Caire, National Bank of Abu Dhabi - Egypt (NBAD Egypt), Egyptian Arab Land Bank (EALB), the Industrial Development and Workers Bank of Egypt (IDWB), Alex bank, and United Bank.
The company will build the sugar manufacturing plant El-Salheya, Sharkiya Governorate on an area over 400 Feddans. The new facility will have a production capacity of 270 thousand tons of beet sugar and raw sugar refining capacity of 250 thousand tons. The project will also provide 3,000 direct job opportunities and 50,000 indirect job opportunities. In addition, it will reduce the current sugar deficit by over 25%, which are estimated to be one million tons per year. Thus, lifting a burden off the State's balance of payments.
The financing agreement was signed by representatives of the Lead Arrangers including Mohamed Abbas Fayed, Vice President of Banque Misr, in the presence of Mr. Mohamed Barakat, Banque Misr Chairman, Fatma Lotfy, Vice Chairman and Managing Director of Bank Audi, and Nevine Loutfy, CEO and Managing Director of ADIB Egypt.
Banque Misr, Bank Audi, and ADIB Egypt have succeeded in arranging Senior Secured Islamic Term structured as Istisnaa/Ijara that is considered to be the fifth of its kind in the Egyptian market in the field of Islamic finance.
This financing scheme is signed in the middle of current circumstances and in addition to launching new financing products and schemes in the Egyptian Market, which validates the strength of the Egyptian economy as it is considered to be one of the most promising economies in the Middle East and Africa.
This financing scheme signing comes in the middle of current circumstances, in addition to launching new financing products and schemes in the Egyptian Market. This arrangement validates the strength of the Egyptian economy as it is considered to be one of the most promising markets in the Middle East and Africa. Al Nouran Sugar S.A.E boasts an extremely prestigious shareholder group consists of Al Nouran Multitrading Company “ANM”, the Saudi Arab Fund for Economic and Social Development “AFESD”, the Islamic Corporation for the Development of the Private Sector “ICD”, the private equity arm of the Islamic Development Bank - Jeddah; and the Egyptian Sugar and Integrated Industries Company “ESIIC”. Thus, demonstrating the Arab investors' strong confidence in Egypt’s foreign direct investment climate especially in the field of strategic commodities.
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