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Evergrow in talks for EGP 19bn finance to fund 2 projects

Evergrow in talks for EGP 19bn finance to fund 2 projects
Evergrow's chairman Mohamed El Kheshen

Cairo – Mubasher: Evergrow For Speciality Fertilizers is negotiating EGP 19 billion loans to fund two projects with a group of financial institutions from Germany, Switzerland, and the GCC, chairman Mohamed El Kheshen announced on Tuesday.

Contracts are expected to be signed in September or October 2020, El Kheshen said.

Evergrow is planning to launch a project in Aswan on 420,000 square metres, with total investments of EGP 9 billion, to produce dicalcium phosphate, he added.

The top official revealed that the project is pending final approval from the Industrial Development Authority, noting that production from the new project is expected to commence in three years.

A Belgian company will provide EGP 4.5 billion of investments required for the first project, while the remaining amount will be secured by Evergrow from international institutions, El Kheshen stated.

As for the second project, the chairman said that his company is planning to launch a plant for specialised fertilisers on 500,000 square metres in Sadat City in collaboration with a local company, with estimated investments of EGP 10 billion.

In 2019, Evergrow’s total sales reached EGP 5.8 billion, while the volume of the company’s exports recorded 140,000 tonnes.

El Kheshen noted that his company is considering offering 30% of its shares on the Egyptian Exchange in two years.