Monday, Jul 04, 2011
CAIRO (Zawya Dow Jones)--Egypt's Orascom Construction Industries, or OCI, said Monday the International Finance Corp., the part of the World Bank that lends to the private sector, is considering a debt and equity investment package of $350 million.
The Cairo-based firm said the investment would consist of a $200 million loan to its fertilizer unit, a $100 million loan to its construction division, and a $50 million equity investment through the acquisition of shares in OCI.
The International Finance Corp., or IFC, traditionally invests to help companies and financial institutions in emerging markets create jobs, generate tax revenues, improve corporate governance and environmental performance.
The IFC investment in OCI is subject to IFC board approval, which could come later in July, OCI added.
OCI shares last traded 1.1% higher at EGP274.94 in a marginally positive overall market.
-By Shereen El Gazzar, Dow Jones Newswires, +9714 446 1684 , Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
04-07-11 0900GMT
