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NBE, AAIB mull $750m loan for Abu Tartur phosphate project - Daily News Egypt

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NBE, AAIB mull $750m loan for Abu Tartur phosphate project

Project’s implementation is likely to start in 4Q 2020

The National Bank of Egypt (NBE) and the Arab African International Bank (AAIB) are considering participating in a $750m loan arrangement for Al Wady for Phosphate Industries and Fertilizers to build a phosphoric acid manufacturing project in Abu Tartur.

The expected total cost of the project will amount to $1.2bn, of which 35% will be self-financed and 65% will come through external loans.

Minister of Petroleum Tarek El Molla, New Valley Governor Mohammed Al-Zamlout, and China’s Ambassador in Cairo Liao Liqiang, witnessed the contract signing for the project’s construction in Abu Tartur at the end of 2019.

The project’s implementation is likely to start during the fourth quarter (4Q) of 2020, and its completion is expected in 30 months.

Naeem Research sees that this is good news for Abu Qir Fertilizers as the company will own 10% of the project. The annual production capacity of the plant is expected to reach about 1m tonne of phosphoric acid, the basic material for the manufacture of simple and compound phosphate fertilisers   

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