The Egyptian Refining Company (ERC), Al Qalaa Holdings’ affiliate, seeks to obtain an $80 million loan from the Commercial International Bank (CIB) Egypt, Sources told Reuters.

CIB is arranging the $80 million loan for ERC to fund the general capital, one of the sources noted.

The bank talked with local banks to contribute to the one-year term loan that is renewable.

Qalaa Holdings is hopeful that ERC will save it from debts and losses.

The $4.3 billion refinery, in which Qalaa Holdings owns 20% stakes, has not started operating yet, despite announcing several times that it will start operating soon.