Abu Qir Fertilisers and Chemical Industries Holding Company’s board of directors decided to obtain funding for its nitrate project from the National Bank of Egypt, Banque Misr, and QNB.
The company said in a disclosure to the Egyptian Exchange on Wednesday that the funding is worth €105m and that the project will be implemented by Thyssenkrupp for €133.6m.
In January, the company said it was negotiating with a group of banks to obtain a dollar-denominated loan worth EGP 3.5bn to finance the project to remove the bottlenecks of the nitrate plant.
The company expects to operate the industrial wastewater treatment project in the first quarter of 2018 that aims to ration 50% of the company’s consumption of fresh water.
The issued capital of Abu Qir Fertilisers Company amounts to EGP 1.89bn, distributed over 1.26bn shares, each with a nominal value of EGP 1.5.
The company is targeting an investment plan during the fiscal year 2017/2018 worth EGP 3.1bn distributed over factory units. The part of the plan for the current year is estimated to be worth EGP 1.3bn.
Also, the company works in the production and manufacturing of chemicals, fertilisers, and other related, derived, or necessary materials for its work related to manufacturing, purchasing, and sales.