Gulf Capital and Carbon Holdings have entered a debt financing agreement to support three of the latter’s mega-industrial projects in Ain Al Sokhna on the Suez Canal in Egypt, in a bid to strengthen their presence in the region
The US$25mn convertible, five-year loan facility was lengthened by Gulf Capital’s credit fund, GC Credit Opportunities Fund I to finance the development and expansion of three of Carbon Holdings’ petrochemical projects: Egypt Hydrocarbon Corporation, Oriental Petrochemicals Corporation and Tahrir Petrochemicals Corporation.
“We are particularly thrilled to be working with Carbon Holdings which is a key force in the modern industrial development of Egypt and whose projects are expected to increase the country’s overall exports significantly, create approximately 70,000 direct and indirect jobs and boost industrial growth and trade flows,”said Dr. Karim El Solh, chief executive officer of Abu Dhabi-based Gulf Capital.
Carbon Holdings is set to transform the Egyptian petrochemical industry and we are pleased to be working with its visionary management team to realise this ambitious goal,” added Solh.
