Egypt’s Kandil Steel secures $25mln loan from IFC to back operations

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The International Finance Corporation (IFC) is supporting Egypt-based Kandil Steel's operational and financial situation position with a $25 million loan, the IFC stated.

The partnership will also help reduce the company’s carbon emissions and back private sector jobs.

The financing will enable the firm to meet its capital needs and get further raw materials needed for production of high-quality steel.

Furthermore, the IFC will offer advisory services to the company, assisting it in developing a decarbonization program as well as enhancing its environmental and social practices.

"Our partnership with IFC provides a strong push to our future sustainable growth, supporting our expansion plans to increase production from 500,000 to 800,000 tons of steel by the end of 2024," CEO of Kandil Steel Amr Kandil commented.

"This project will help the company to meet the growing demand for steel products in Egypt and its many export markets – and will contribute to decarbonizing the manufacturing industry," Oumar Sylla, IFC Regional Director for North Africa and Horn of Africa, said.