Egypt’s Canal Sugar inks financing deal worth $169 million

Egypt's Canal Sugar said it had signed a financing agreement worth a total of $169 million with a consortium of six banks. The funds, which consist of $100 million and 1.2 billion Egyptian pounds ($69 million), will finance the purchase, construction and operation of Canal's project in western Minya over the next six months until a $700 million long-term loan is finalised, the company said in a statement. Canal Sugar is an Egyptian joint stock company headed by Emirati businessman Jamal al-Ghurair, managing director of Dubai-based Al Khaleej Sugar Refinery, the world's largest port-based sugar refinery.

It had appointed Al Ahly Capital Holding, the private equity arm of the state-owned National Bank of Egypt, as its exclusive financial adviser for the transaction and global coordinator with export guarantee agencies.