The Governor of Minya toured yesterday ASEC Cement’s under-construction plant with a total production capacity of 5 thousand tons daily, the plant is on track to begin commissioning at the end of this year.

ASEC Holding Chairman and Chief Executive Officer Giorgio Bodo, noted that the civil works in project is now completed, fabrication and erection work also is now well-underway and we’re on track to begin commissioning the plant at the end of this year with a total investment of 335 Million USD.

ANCC will create 400 direct jobs and a total of 1500 indirect jobs in Upper Egypt.

ANCC is backed by a US$ 200 million syndicated loan from a consortium of local, regional and international banks led by the Arab African International Bank (AAIB) as the mandated lead arranger and underwriter participated in the facility, which will be granted in two tranches. Participating banks include Banque du Caire, United Bank, National Bank of Greece, Bank of Alexandria, Bank Audi and Faisal Islamic Bank.