Minister of Petroleum and Mineral Resources Karim Badawi oversaw the signing of a principles agreement on Sunday in New Alamein City to provide around $490 million in financing for the Egyptian Soda Ash Company’s new production facility.
The project, which falls under the Egyptian Petrochemicals Holding Company (ECHEM), will have an annual production capacity of 600,000 tons of soda ash and related derivatives at the New Alamein industrial zone.
The funding package is led by the National Bank of Egypt and Afreximbank, which also serves as financial advisor, along with QNB, CIB, Arab African International Bank, National Bank of Kuwait, Banque du Caire, Export Development Bank of Egypt, and NXT Bank.
Badawi highlighted that the initiative is in line with Egypt’s industrial strategy to boost local output, reduce import dependence, and meet the needs of vital sectors including glass, detergents, paper, food, pharmaceuticals, and chemicals.
He reaffirmed the ministry’s and ECHEM’s commitment to ensuring smooth implementation, creating job opportunities, and localizing soda ash production technology.
The agreement was signed by Egyptian Soda Ash Company Chairman Shahir Reda, with senior representatives from ECHEM and the participating banks attending the ceremony.
