Wadi Cement gets $328m loan for plant

Egypt's Industrial Development Authority cancelled El Wadi's production licence. (EB FILE)

Egypt's El Wadi Cement has secured a $328 million (Dh1.2 billion) 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 1.5 million tonnes per year," Al Mal newspaper reported yesterday citing Khairy Maklad, 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. The authority's Chairman, Amr Assal, declined to say whether El Wadi had officially appealed. "The supreme council for licences will convene at end-February," Assal said.

 

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