$4 bn in international funding for new petrochemical project

Trade and Industry Minister Mounir Fakhri Abdel Nour said international donors are helping to fund a petrochemical project in Egypt for the Carbon Holding Company. They will provide US$4 billion out of the total $7 billion-cost of the project by the end of this year
The donors include the US Export-Import Bank, the Korea Trade Insurance Corporation, the Italian Exports Foundation, the Korean Export-Import Bank and the OPEC Fund for International Development.
The minister said the Carbon Holding project in Sokhna, which is scheduled to be completed in five years, is currently providing 20,000 jobs. It will also increase Egyptian exports of petrochemicals by 25 percent.
Basil al-Baz, head of Carbon Holding, said the project produces plastics, rubber and fiber.

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