KSA bank pumps $65m into Beirut fibreglass plant
Equipment and machinery deliver as new Saudi funding is announced
Equipment and machinery delivered to new fiberglass plant in Beirut, Lebanon as new funding is announced for construction.
Saudi Arabian bank Bank Al Jazira has agreed to grant financing worth SAR242 million (US$65 million) to the local Eastern Industrial Company (EICO), Saudi newspaper Al Riyadh has reported.
EICO’s managing director Faysal Hamza also revealed that it has received most of the plant's equipment and machinery it requires, while all civil works at the site have been completed.
When finished, the plant will have a production capacity of 60,000 tonnes per year, with the potential to double it to 120,000 tonnes.
The cash injection by Bank Al Jazira is the second it has made following a $40 million bridging loan agreed as part of total financing of $53 million by the Saudi Industrial Development Fund.