The Egyptian Petrochemicals Holding Company (ECHEM) mulls the issuance of an instrumentation program worth EGP 1 billion to diversify its funding mechanisms, anonymous sources told Al Shorouk.

The sources said that the company is going to request from the Financial Regulatory Authority to issue the first instruments to a state company, noting that ECHEM is currently communicating with several banks to contribute to the issuance process.

The projects that ECHEM intends to implement include a petrochemical and refining complex in Al-Alamein in addition to the Polyacetal production project in Damietta.

It is worth noting that ECHEM has signed two agreements in February. The first is with Bechtel for the refinery petrochemical complex project in Suez with a cost of $6.7 billion and the second with Shared Capital Cooperative and BSW companies to contribute in the establishment of a refinery petrochemical complex project in Alamein with a cost of $8.5 billion.

The amendments that have been done to the Investment Law in 2019 allowed the companies to issue instruments, which enable them to issue financial tools consistent with the new provisions in addition to the traditional ones.