Egypt’s OCI completes $2.2bn of loans from banks, IFC

Orascom Construction Industries (OCI), a producer of construction materials and fertiliser — and one of the first private Egyptian borrowers to approach international banks for financing since the country’s recent revolution — has completed loans of $2.2bn. The company has arranged term loans of $1.9bn for its wholly owned fertiliser subsidiaries with relationship banks to refinance the group’s existing loans, many of which are set to mature in 2013. It has also received a $200m investment package from the IFC.