Cairo – Mubasher: International Finance Corporation (IFC), a member of the World Bank Group, will put $25 million (EGP 223 million) investments into Egypt's Carbon Holdings, said Mouayed Makhlouf, the director of the Middle East and North Africa region for IFC.
Egypt is deemed, Makhlouf continued, one of the biggest importers of non-petroleum commodities despite having raw material stockpiles and domestic capabilities that could turn the nation into an exporting county, enhance economy, and create new job opportunities.
“There are risks in Egypt, but there are a lot of potential opportunities in the medium to long term,” the top official highlighted.
The Egyptian company previously announced beginning a new project, Tahrir petrochemicals complex in Ain Sokhna, at the end of 2015 in the plastic, rubber, and fibre industries worth $4 billion funded by the US, South Korea, and Italy.
The company seeks to complete financing the project this year, said Carbon’s CEO Basil El-Baz, adding that the complex operations are forecast to start in 2021 to produce polypropylene and other chemicals.
Moreover, the Egyptian company is planning to take out a $5 million loan from different lenders, including the US, UK, and Italy, El-Baz indicated.
Since 2011, the IFC has injected around $1.4 billion in Egypt and owns assets worth $1 billion, Makhlouf indicated.
Translated by Ahmed Elsayed Ali
