A consortium of seven Egyptian corporations intends to borrow USD650-700mn to finance a new phosphoric acid production complex, according to Al Mal. The facility will be located in New Valley governorate and will have an annual production capacity of 500k tonnes. The total cost of the project is estimated at USD1bn. According to Saad Abu El-Maaty, Abu Qir Fertilizers Chairman, the project will be a partnership with the following entities: i) Abu Qir; ii) Misr Phosphate Company; iii) Ahli Capital; iv) Saudi Egyptian Industrial Investment Company; v) Petrojet; vi) Enppi; and vii) Egyptian Mineral Resources General Authority. (Al Mal)