The company said that the refinery will produce over 4 million tons of refined products per annum when completed, including 2.3 million tons of EURO V diesel, the cleanest fuel of its type.
The debt package includes $2.35bn of senior debt and $225m of subordinated debt. Japan Bank for International Cooperation, Nippon Export and Investment Insurance, the Export-Import Bank of Korea, the European Investment Bank and the African Development Bank are participating in the senior debt package.
First drawdown under the senior debt facilities is expected in the coming two months.
Mitsui & Co, which is part of the consortium of contractors building the refinery, is providing $200m of subordinated debt financing, while the African Development Bank is providing an additional $25m of subordinated debt financing.
The International Finance Corporation had earlier said that it would invest equity of $ 100m in the project.
The refinery, to be located in the Greater Cairo district of Mostorod, will sell its production to the state-owned Egyptian General Petroleum Corporation under a 25-year offtake agreement at international prices.
