This $350 million gas based plant, to be located in Western Suez, is the first stage of a planned integrated chemical fertilizer complex with an anticipated total investment estimated at $ 1.1 billion.
ABC was appointed Adviser after a comprehensive selection process conducted by AFCCO.
The signing ceremony in Cairo was attended by senior teams of JAICORP, AFCCO & ABC headed by Mr. Khalaf Alrumaithi, General Manager of JAICORP and Chairman of AFCCO, Dr. Salah Abdel Kareem, the Owner Representative and Venture Developer of AFFCO and Mr. Tarek Helmi, Chief Executive Officer of ABC Egypt.
In its first stage, the project will create around 1,500 employment opportunities in Egypt, and will be producing 1 million tones of high grade NPK fertilizer and 0.6 million tones of Calcium Nitrate fertilizer per year.
The major feedstocks of the project are natural gas, phosphate rock and potash, which will be sourced from local and regional suppliers. Site activities are expected to start in the fourth quarter of 2003 and construction to be completed in the fourth quarter of 2006.
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AFCCO & ABC sign Project Finance Advisory Mandate
- Bahrain: Monday, September 22 - 2003 at 15:09
- PRESS RELEASE
Arab Fertilizer and Chemicals Company ("AFCCO") of Egypt and Arab Banking Corporation (B.S.C.) ('ABC'), Bahrain, today signed an agreement appointing ABC as Advisor for a NPK Fertilizer plant project being developed in Egypt by the Joint Arab Investment Corporation ('JAICORP') of Abu Dhabi.
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JAICORP was established in 1977 to assist and promote investment in Egypt. JAICORP has a paid-up capital base of $110MM and authorized capital of $500MM. The ownership of JAICORP is entirely quasi-Government of Abu Dhabi. JAICORP's philosophy is in line with Abu Dhabi's Government directives to promote inter-Arab investment and cooperation. Since its inception, JAICORP has supported projects in several sectors of the Egyptian economy through strategic private equity investments.Established in 1980 ABC is a leading regional banking corporation with a worldwide strategic network, with its head office in the Kingdom of Bahrain. ABC with $ 1.8 billions equity has branch offices, affiliated and sister companies in more than 30 locations around the world.
ABC's services include Project and Structured Finance, Financial Advisory, Capital Markets, Commercial Banking, Treasury, Islamic Banking and Retail Banking Products and Syndicated Loans.
In Egypt, ABC's wholly owned subsidiary offers a comprehensive range of premium consumer banking and corporate banking services, combining the strengths of a focused local bank with those of the largest bank in the Arab world.
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, September 22 - 2003 at 15:09 UAE local time (GMT+4)
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