When Citadel Capital, the Egyptian private equity firm, decided to build a refinery in greater Cairo, it did not expect the financing to take five years.
First announced before the collapse of Lehman Brothers and the global economic crisis – not to mention the toppling of Egypt’s president and the 18 months of political turmoil that followed – the $3.7bn finance needed to build a diesel refinery looked as if it might never materialise.
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