Baker McKenzie Cairo’s Banking & Finance team advised a six-bank consortium led by National Bank of Egypt on a USD 100 million and EGP 1.2 million multi-currency bridge facility to Canal Sugar Company to finance the construction and operation of a beet sugar plant and large scale agricultural farm in West Minya.
The consortium comprised National Bank of Egypt, Qatar National Bank Al Ahli, Bank of Alexandria, The United Bank, Industrial Development Bank and Suez Canal Bank. The loan will be used to finance the development, construction and operation of the company’s project in West Minya: a beet sugar plant with a capacity of 937,000 tons per year and a large scale agricultural farm on a total area of approximately 180,000 feddans for the production of beet sugar.
The team was led by Mohamed Ghannam, Partner and Head of the Banking & Finance and Energy, Mining and Infrastructure practices in Cairo, and was assisted by Senior Associate Mohamed Elharmy and Associate Yasmin Elnaggar.
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