Egypt’s El Wadi Cement has secured a US$328m loan which it will use to build its delayed factory as it looks to ultimately win back its revoked production licence and return to a booming construction sector.
"The loan (from Liechtenstein bank LLB ) will be used to build the cement factory, with a capacity of 1.5Mta," al-Mal newspaper reported on Tuesday citing Khairy Maklad, the managing director of the company.
Egypt’s Industrial Development Authority cancelled El Wadi’s production licence over start-up delays in November and gave it two months to appeal to a licencing committee.
In an interview with Reuters on Monday, the authority’s chairman, Amr Assal, declined to say whether El Wadi had officially appealed.
"The supreme council for licences will convene at the end of February and will give a final decree in their claim," Assal said.
"When we offer licences in cement and steel, we commit them with a timeframe... in the first year, they didn’t present real evidence they were doing well," he added.