Cairo – Mubasher: UAE’s alternative investment firm Gulf Capital signed a debt financing agreement on Monday with Egypt’s largest petrochemical holding company Carbon Holdings to support three of the latter's mega-industrial projects in Ain Sokhna in Egypt.

The agreement aims to increase Gulf Capital’s overall exposure to the fast-growing Egyptian economy.

Gulf Capital’s credit fund, GC Credit Opportunities Fund I, extended an AED 92 million ($25 million) convertible, five-year loan facility.

The facility will go for financing the development and expansion of three of Carbon Holdings' petrochemical projects: Egypt Hydrocarbon Corporation, Oriental Petrochemicals Corporation and Tahrir Petrochemicals Corporation.

Karim El-Solh, CEO of Gulf Capital, said: "We are excited about the growth prospects in Egypt and are keen to increase our investments there. The message from Egypt at the recent three-day Sharm El Sheikh Investment Conference which we attended in March was clear and promising: Egypt is committed to embarking on an ambitious growth plan and to attracting and supporting foreign investments in the country.”

He said Gulf Capital is particularly thrilled to be working with Carbon Holdings, which he described as a key force in the modern industrial development of Egypt and whose projects are expected to increase the country's overall exports significantly.

For his part, Basil El-Baz, chairman and CEO at Carbon Holdings, said heavy industry underpins any economy, adding that Egypt’s government understands that and supports the industrialisation of Egypt in an unparalleled way.