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Banking alliance led by Banque Misr signs a contract for increasing the value of the fund for Al Sharkiya Sugar Manufacturing S.A.E.
On Sunday 7 April 2019, a banking coalition led by Banque Misr signed contracts a contract to increase the syndicated finance provided to Al Sharkiyah Sugar Manufacturing Company (Al-Nouran).
The banking coalition includes Bank Audi, ADIB Egypt, 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, Arab Fund for Economic and Social Development, and the Islamic Corporation for the Development of the Private Sector “ICD”.
The syndicated finance will be allocated for repaying the investment cost for the company’s plant and funding its working capital, as the total finance will increase by EGP 1.35billion to EGP3.1billion.
The total finance provided by the coalition will be allocated for resuming the establishment of a beet sugar plant in Salihiya city, Al Sharqeya, with a slicing capacity of up to 12,000 tonnes of beet per day, and a refining capacity of 1,700 tonnes of sugar, as the annual capacity rates will reach 235,000 tonnes in slicing, and 318,000 tonnes in refining.
The coalition will increase the plant’s investment cost by EGP 3.1billion to reach EGP 5.8billion. Besides, a self-finance worth EGP 2.7billion was injected by the company’s shareholders.
This project bridges the gap between the supply and demand rates for white sugar of a current estimate of 1million tonnes, which will, in turn, reduce imports and increase foreign exchange reserves.
The fruitful cooperation between the participating banks and the company's administration had a positive impact on resuming the establishment of the plant as well as launching its operations in early March 2019.
Furthermore, bank Misr’s strategy relies on having a role at the state’s sustainable development plans through encouraging local investments and encouraging the local production in order to reduce imports and achieve self-sufficiency, along with boosting the quality of national industries.
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