Citadel cement unit ANCC signs US$193m loan

Citadel cement unit ANCC signs US$193m loan
Published: 04 October 2010

ASEC, the cement-making unit of Cairo-based Citadel Capital, has signed a EGP1.1bn (US$193.2m) loan to finance the construction of a new cement works.

The nine-year loan will cover about 52% of the investment to build a 1.6Mta plant in Minya, south Egypt, with the company providing the balance from its own funds.

Al-Arabiya al-Wataniya (ANCC), which is part of ASEC, aims to double annual cement output in the Middle East and North Africa to 12Mt by 2013 to tap into markets that are expanding due to increased housing and infrastructure demand.  To meet the housing demands of its growing population, Egypt needs to boost cement output to 80Mt by 2015.