Egypt has secured $140 million in long-term syndicated financing for the first phase of a metallic silicon and silicon derivatives complex in the industrial zone of New Alamein, marking a strategic step in deepening domestic value-added manufacturing. The financing agreement was signed this week, in the presence of Minister of Petroleum and Mineral Resources, Karim Badawi.
The deal brings together a banking consortium led by QNB Egypt, Commercial International Bank (CIB), and Banque du Caire, with the National Bank of Egypt acting as financial adviser. The agreement was signed by Amgad Kamel, Chairman of Alamein Silicon Products Company. The project, affiliated with the Egyptian Petrochemicals Holding Company, aims to localize high-value silicon production by leveraging Egypt’s ultra-high-purity quartz, reducing raw material exports and easing the import bill. It has received the government’s Golden License, streamlining approvals to accelerate execution.
Development will unfold over four phases. The first phase involves $200 million in investment to produce 45,000 tons of metallic silicon annually, generating 300 direct jobs and around 3,000 indirect jobs. Future phases will include polysilicon production (25,000 tons per year) for electronics and solar energy, alongside silicone-based intermediate and finished products.
Officials say the complex is positioned to strengthen downstream mining industries and establish Egypt as a regional hub for silicon industries in the Middle East and Africa, aligning with broader economic and industrial reform ambitions.
