← back to the state act
Inception date: 16 Sep 2016 | Removal date: open ended
Still in force

State loan

On 23 September 2016, it was announced that on the 16th of the same month, the African Export-Import Bank (Afreximbank)  granted a USD 75-million medium-term loan to the Egyptian Ethylene and Derivatives Company (ETHYDCO). The official statement of the Bank stated that this loan will in general, enable the company to "to support the expansion of Egypt’s petrochemical industry, boost its exports and natural gas processing capacity and equip the sector with better environmentally-friendly infrastructure".


The financing obtained through this denoted loan were stated to be designated to partially finance the USD 1.925 billion ETHYDCO Complex - i.e. a complex which represents a greenfield partnership project between Egyptian Petrochemicals Holding Company, Egyptian Natural Gas Company, Sidi Kerir Petrochemicals and several Egyptian banks. 

The ETHYDCO Complex aims to accommodate several factories that will be focused on the production of ethylene and ethylene derivatives (which are chemical substances that are widely utilised in the construction and plastic packaging industries). Specifically, the loan facility provided by the Afrexim Bank will specifically focus towards financing the ethylene and butadiene plant, the polyethene plant and the permanent gas-fired power plant situated within the ETHYDCO Complex. The output of this complex will primarily be designated for export in the European, North American as well as African markets.

It is important denoting that the official statement of the Afrexim Bank stated that "the complex is a key initiative under the Egyptian government’s Petrochemicals Master Plan aimed at driving economic diversification and increasing local content and value addition in the country’s natural gas sector through the production of exportable petrochemical products".


Egyptian Ethylene and Derivatives Company (ETHYDCO) is a leading Egyptian manufacturer of the following plastics and rubber products: linear low & high-density polyethene, butadiene, low cis and solution styrene butadiene synthetic rubber.

ETHYDCO is a state-owned Egyptian entity as the shareholders composing the ownership structure of this entity are:

  • Egyptian Petrochemicals Holding Company (ECHEM) - 20% ownership 
    • ECHEM is one of the four specialised bodies of the Egyptian Ministry of Petroleum, established with the purpose of boosting the petrochemical industry of Egypt. 
  • Sidi Kerir Petrochemicals Co. (Sidpec) - 20% ownership 
    • Sidpec is an Egyptian joint stock company that operates producer of ethylene and polyethene. Some of the primary shareholders of Sidpec are Egyptian state-owned institutions. 
  • GASCO - 11% ownership
    • Abu Dhabi Gas Industries Limited (GASCO) is a natural gas producing company which is 68% owned by the Abu Dhabi National Oil Company (ADNOC)
  • Al Ahly Capital Holding -21% ownership
    • Al Ahly Capital Holding is a  private equity firm established by the stated-owned National Bank of Egypt.
  • National Investment Bank - 14% ownership
    • National Investment Bank is a state-owned private bank in Ghana.
  • Banque Misr - 10% ownership
    • Banque Misr is one of the leading state-owned banks of Egypt.
  • Nasser social bank - 4% ownership
  • Nasser Social Bank is a state-owned Islamic bank for social development in Egypt.

African Export–Import Bank, with headquarters in Cairo (Egypt) is a financial institution established with the purpose of promoting finance trade within the African continent and trade between Africa and other continents. The shareholder structure of the African Export-Import Bank in the following:

  • Class "A" Shareholders - African governments, African central banks, and African regional institutions.
  • Class "B" Shareholders - African private investors and African financial institutions.
  • Class "C" Shareholders - Non-African financial institutions, export credit agencies, and private investors.
  • Class "D" Shareholders - Other institutions and individuals.




The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets, and from foreign subsidiaries.





363 Semi-manufactures of plastics
3920 Other plates, sheets, film, foil and strip, of plastics, noncellular and not reinforced, laminated, supported or similarly combined with other materials.
392010 Of polymers of ethylene
392020 Of polymers of propylene
392030 Of polymers of styrene
392043 Containing by weight not less than 6 % of plasticisers
392049 Other
392059 Other
392061 Of polycarbonates
392062 Of poly(ethylene terephthalate)
392069 Of other polyesters
392091 Of poly(vinyl butyral)
392099 Of other plastics

Please report this page in case you detect an inaccuracy in its content.