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International Finance Corporation to provide loans for a new polyester plant

June 10/2011
(Plastemart) -- The International Finance Corporation, a member of the World Bank Group, said it will provide up to USD 35 million in loans toward construction of a Egyptian Indian Polyester Company S.A.E., on the Red Sea coast. The new company, with capacity to produce 420 KTa of polyethylene terephthalate (PET), is a joint venture between Indias Dhunseri Petrochem and Tea Limited, and two Egyptian government agencies. The project is also being financed through a USD 65.5 mln loan and a USD 11.3 working capital facility provided jointly by Commercial International Bank and Ahli United Bank.
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