Cairo – Mubasher: Abu Qir Fertilizers has announced that it will choose a banking consortium to secure an EGP 600 million facility during the coming period to finance the nitric and acids project.

The first consortium is led by the National Bank of Egypt (NBE) and includes Banque Misr and Qatar National Bank Alahli (QNB Alahli), informed sources told Almal newspaper.

A separate offer was made by the National Bank of Kuwait-Egypt (NBK), while an unnamed consortium presented the third offer, the sources added.

The EGP 600 million facility will represent the local financing for the project, the newspaper added.

In May, Abu Qir Fertilizers stated that its board had assigned the financing of the nitric acid project worth EUR 105 million from the NBE, Banque Misr, and QNB Alahli alliance.