The Egyptian Soda Ash Company (ESAC) and several national and regional financing institutions signed an Agreement in Principle (AIP) for financing a Soda Ash production project for an estimated $490m. The ESAC project’s goal is to produce 600,000 tons of soda ash and its derivatives annually within the industrial zone of New Alamein City.

The signing took place in presence of Minister of Petroleum and Mineral resources, Karim Badawi, and financial advisors from the National Bank of Egypt (NBE) and the African Export-Import Bank (Afreximbank).

On behalf of Soda Ash Company, Shaher Reda Chairman and CEO, signed the agreement with the financing alliance, which includes QNB Bank; Arab African International Bank (AAIB); National Bank of Umm Al Qaiwain (NBQ); Banque du Caire; Export Development Bank of Egypt (EBANK); and Bank NXT.

The Minister stated that the project aligns with Egypt’s vision and the Ministry of Petroleum and Mineral Resources’ strategy. The goal is to boost the national economy by producing soda ash and its derivatives, which are crucial for achieving sustainable development in new urban communities. This will also satisfy local market needs and reduce the country’s import costs for these essential products.