QNB Egypt Leads $119.4 Million Syndicated Loan to Finance Flex PTT Egypt’s PET Expansion
QNB Egypt has successfully arranged a $119.4 million long-term syndicated loan for Flex PTT (Egypt), a subsidiary of UFLEX Group, to finance the second phase of its polyethylene terephthalate (PET) production facility in Ain Sokhna. The expansion will add production capacity of up to 600 tons per day.
QNB Egypt acted as Mandated Lead Arranger, Facility Agent, Security Agent, and Account Bank, leading a banking consortium that includes Commercial International Bank (CIB) and Al Baraka Bank Egypt as Mandated Lead Arrangers.
The syndicated facility supports Egypt’s industrial development sector, a key pillar of sustainable economic growth due to its role in job creation, boosting domestic production, and enhancing exports. The transaction reflects QNB Egypt’s commitment to providing tailored financing solutions for strategic sectors, enabling major corporates to accelerate expansion plans and improve operational efficiency.
Commenting on the transaction, representatives of CIB emphasized that participation in the strategic financing aligns with the bank’s vision to support productive sectors that deepen local manufacturing and strengthen Egypt’s industrial base. The expansion of PET production is considered a pivotal step toward localizing intermediate industries, reducing reliance on imports, strengthening export capacity, supporting the balance of payments, and increasing foreign currency inflows.
Commercial International Bank reaffirmed its commitment to delivering integrated and innovative financing solutions aligned with environmental, social, and governance (ESG) standards, contributing to sustainable economic growth and reinforcing Egypt’s position as a regional industrial and export hub.
For his part, Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, described the project as a strategic step toward enhancing Egypt’s export capabilities and reducing dependence on essential raw material imports, in line with Egypt Vision 2030.
Sanjay Teeko, Managing Director of Flex PTT Egypt and Head of Flex Group Egypt, expressed appreciation for the consortium banks, noting that the new PET bottle-grade production line represents a key milestone in UFLEX Group’s strategy to diversify its product portfolio, expand global market share, and deepen its investment footprint in Egypt to support economic growth and job creation.
