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Egypt’s $10.9bn Tahrir petrochemicals project, to be built in the Suez Canal Economic Zone at Ain Sukhna, is facing further delay despite private Egyptian firm Carbon Holdings, the project developer, this week signing a $1.25bn financing deal with the Africa Finance Corporation (AFC), a pan-continental multilateral based in Nigeria.
The new finance appears to be separate from a $5.4bn debt package being negotiated by Carbon Holdings with export credit agencies and other institutions including the US government’s Overseas Private Investment Corporation (Opic), UK Export Finance (Ukef) and Germany’s Euler Hermes.
When EPC contracts for the delayed project were signed in mid-year Carbon Holdings said the main $5.4bn tranche was “at an advanced stage” with financial close expected in Q3 2018 ( MEES, 6 July ). But this deadline has passed with no announcement of financial close. (CONTINUED - 286 WORDS)