(2018-02-26) Qalaa’s ERC receives $500 m in additional debt & equity commitments Qalaa Holdings (CCAP) , an African leader in energy and infrastructure, announced today that its subsidiary the Egyptian Refining Company (ERC) has received c.USD 500 million in additional debt and equity commitments, bringing the project’s total investment cost to c.USD 4.2 billion up from the previous USD 3.7 billion.
The additional funding will serve to accelerate construction works and bring the project to mechanical completion and commissioning by end of June 2018 – as per the agreement reached with project’s general contractors GS Engineering and Mitsui. As of mid-February 2018, ERC’s overall construction works stood at 96.35%.
Qalaa holds an indirect stake in ERC of 17.45%. Worthy of note, Qalaa satisfied all its current and future financial commitments to the project.
