The Arab National Cement Company (ANCC), a subsidiary of ASEC Cement, will run the plant, located some 220 kilometers south of Cairo in the Minya governorate. As the only producer of grey cement in the region, the plant will have a competitive edge within the immediate area, but it is also well placed to supply the many government infrastructure projects that are starting to take shape in the wake of the country’s revolution.
Eissa said, "I was impressed with the progress I saw. In addition to providing much needed employment opportunities, the high-quality Portland grey cement that ANCC will produce will capitalise on the abundance of limestone in our governorate. What's more, by choosing to build and create jobs in Minya, ANCC has positioned itself to serve high demand markets across Upper Egypt."
The project, costing a total of US$360 million, is backed by a US$200 million syndicated loan from a consortium of banks, led by the Arab African International Bank (AAIB), as mandated lead arranger and underwriter.
ASEC Holding Chairman and Chief Executive Officer, Giorgio Bodo, commented that the project also adheres to the highest global environmental standards. He added that he expected full production to commence in April 2013.
Edited from various sources by Jack Davidson.