A consortium of leading Egyptian banks has arranged a $140 million syndicated loan to finance the first phase of a new silicon manufacturing complex in New Alamein City, underscoring a renewed push to deepen local manufacturing and expand export-oriented industries.
National Bank of Egypt said it acted as financial advisor to the banking alliance, which is led by QNB Egypt as initial mandated lead arranger, bookrunner and facility agent, alongside Commercial International Bank and Banque du Caire as mandated lead arrangers. Banque du Caire also serves as security agent.
The financing supports the development, construction and operation of an integrated silicon industrial complex for El Alamein Silicon Products in the industrial zone of New Alamein City. The project targets annual output of 45,000 tonnes of metallurgical-grade silicon, with total investments estimated at $200 million, of which the syndicated loan covers roughly 70%.
Bank executives said the deal reflects the sector’s strategy to channel capital toward large-scale industrial projects with high economic impact, particularly those that localize advanced manufacturing, raise export capacity and strengthen foreign-currency inflows. Around 85% of production is expected to be exported, positioning the project as a potential regional hub for silicon-based industries.
The signing ceremony was attended by senior government and industry officials, including Karim Badawi, representatives of the Egyptian Petrochemicals Holding Company, and chief executives of the participating banks.
Beyond import substitution, the complex is expected to support downstream sectors such as electronics, specialty silicones and renewable energy, including solar cells, while creating direct and indirect employment and accelerating industrial development in Egypt’s new cities.
