The Egyptian Refinery Company (ERC) has received an oversubscription on the financing for its $3.5bn Mostorod refinery project, the biggest ever Egyptian project financing deal.

The project is now due to reach financial close in late July, says bankers involved in the scheme. So far bank responses have resulted in an oversubscription of about $300m, with at least one bank yet to confirm its involvement on the project.

The project includes $2.35bn of debt, split between several tranches. These include a $1bn direct loan and loan guarantees from Japan Bank for International Cooperation (JBIC), a $225m African Development Bank loan, and loan guarantees totalling $675m from Export Import Bank of Korea (Kexim). The European Investment Bank will provide a loan of $500m that it requires banks to provide a guarantee for.

ECA-guaranteed tranches are provided over a 17-year tenor with commercial bank guarantees over 15-years.

Bank responses to the deal were due in early July.