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Banks' contribution to LE 11bn KIMA 2 fertilizer factory up 10.6%

Banks’ contribution to renovating the state-owned Egyptian Chemical Industries KIMA 2 project rose by 10.6% to stand at 61.8%, Egyptian Public Enterprise Minister Khaled Badawy said 

The banks contributing the 11.6-billion-pound mammoth national project  include the National Bank of Egypt (NBE), Banque Misr, Arab African Bank, Banque Du Caire, Egyptian Arab land Bank and BLOM Bank. 

KIMA 2 in the Upper Egypt governorate of Aswan has great potentials of success in view of plans to boost the factory's efficiency and  its production of urea and ammonium
, the minister said.

The factory is expected to produce up to 1,200 tons of ammonia and 1,600 tons of urea per day, Badawy said. 

About 85% of the factory's construction works were almost accomplished as the facility is expected to start operation by 2019, Badawy. 

The Egyptian Chemical Industries, known as KIMA, is affiliated to the Chemical Industries Holding Company, producing nitrogenous fertilizers and chemicals, including hydrogen and ammonia. 

KIMA is listed on the Egyptian Exchange since August 1995 and operates within the materials sector, focusing on diversified chemicals. 

It has two subsidiaries in Egypt working on agricultural products and diversified chemicals. KIMA is based in Aswan and was established in January 1956. 

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