Mubasher: The Africa Finance Corporation (AFC) has announced it will invest $25 million in the Egyptian petrochemicals company Carbon Holdings, according to a press release.
Carbon Holdings primarily operates in the Suez Canal Economic Zone, and exports raw materials and end products.
The company aims to develop an integrated large scale petrochemicals platform in Egypt to take advantage of the country’s strategic geographic location along the Suez Canal.
Subsidiary companies of Carbon Holdings include Oriental Petrochemicals Company, Egypt Hydrocarbon Corporation, and Tahrir Petrochemicals Corporation.
The deal was arranged by Investbridge Capital, a Dubai-based privately-owned independent provider of alternative asset management and corporate advisory services.
“AFC prioritises investing in projects and businesses that can make a tangible impact on the people, their communities and the economy, and we believe that key to the next chapter in Africa’s growth story is investing in companies such as Carbon Holdings which deliver industrial products across a broad reaching value chain,” said Andrew Alli, CEO of the AFC.
“The government of Egypt is pursuing policies to diversify the economy and is supporting the private sector to develop new industries, including manufacturing, to create high value-add jobs for Egyptians. AFC is proud to be able to support Carbon Holdings to expand its operations and drive local employment,” he added.
