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China-Africa Trade Information Service
http://info.afrindex.com
China-Africa Trade Information Service
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Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, witnessed on Sunday the signing of a principles agreement in New Alamein City to finance a $490 million project for the Egyptian Soda Ash Company.
The plant, operating under the Egyptian Petrochemicals Holding Company (ECHEM), will produce 600,000 tons of soda ash and derivatives annually at the New Alamein industrial zone. Financing will be led by the National Bank of Egypt and Afreximbank, the latter also serving as financial advisor, alongside QNB, CIB, Arab African International Bank, National Bank of Kuwait, Banque du Caire, Export Development Bank of Egypt, and NXT Bank.
Badawi said the project supports Egypt’s strategy to strengthen local manufacturing, cut imports, and advance new urban development, noting its importance for industries such as glass, detergents, paper, food, pharmaceuticals, and chemicals. He stressed the ministry’s commitment, along with ECHEM, to ensure on-schedule execution and address any challenges, adding that the venture will generate direct and indirect jobs while localizing soda ash production technology.
The agreement was signed by Egyptian Soda Ash Company Chairman Shahir Reda in the presence of senior officials from ECHEM and participating banks.
