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ASEC Cement company signs loan for new plant

World Cement,

According to reports, Al-Arabiya alWataniya (ANCC), a division of Citadel Capital’s ASEC Cement, has signed an EGP1.1 billion loan agreement to finance the construction of a new cement plant in Egypt.

The nine-year loan, reportedly provided by seven different banks, will finance about 52% of the investment, with the remaining cost being covered by the company. The plant will be built in Minya, in southern Egypt, and will produce 1.6 million tpa of cement. ANCC secured a license to build the plant in 2007.

Last week, Egypt’s Trade and Industry Minister said that there was no need to expand the ban on cement exports, which expired on 29 September. "Supply and demand mechanisms in the market ensure that our domestic needs are secured, and that there is no need to interfere in the market," he said.

Cement output currently stands at ~47 million t, with some 14 million t of additional capacity expected to come online by 2012.

ASEC Cement will control more than 12 million tons of annual cement production capacity by 2013 in five countries spanning from Algeria to Iraq.

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