Cairo - Mubasher: A banking consortium, led by the National Bank of Egypt (NBE), has signed a long-term joint financing amendment contract worth EGP 7.20 billion with the Egyptian Chemical Industries (Kima), a subsidiary of Chemical Industries Holding Company.

The consortium of six banks includes the Arab African International Bank (AAIB), Banque Misr, BLOM Bank Egypt, and Egyptian Arab Land Bank (EALB), according to a bourse filing on Thursday.

As part of the financing, EGP 1.92 billion will be allocated to the nitrogen fertiliser production plant 'Kima 2' in Aswan, near the existing plant.

The new plant produces 1,200 tonnes per day of ammonia as an intermediate commodity and 1,575 tonnes of urea.

It is noteworthy to mention that in the first half (H1) of fiscal year (FY) 2021/2022, Kima reported net profits of EGP 331.23 million, against net losses of EGP 631.26 million in the year-ago period.