IFC provides Egyptian Fertilizers financing debt up to $100M

International Finance Corporation (IFC) logo - Official websiteCAIRO – 15 May 2018: The International Finance Corporation (IFC), a member of the World Bank Group, announced providing the Egyptian Fertilizers Company (EFC) a debt financing up to $100 million, as a part of efforts to support Egypt’s crucial manufacturing sector, according to an IFC statement.The statement clarified that the financing is a part of a $445 million debt package backed by commercial banks and other international institutions to support the company’s continued development.This comes as a part of IFC’s efforts to create jobs and drive economic growth in Egypt. It has invested around $1 billion and implemented a wide-ranging advisory program to support small business owners, clean power projects and local manufacturers in the country.It also added that this financing debt is expected to help create skilled jobs, stimulate foreign investment in the Egyptian manufacturing sector and support smallholder farmers who buy EFC’s fertilizers. "Egypt's manufacturing sector is a vital source of high-skilled jobs,” said Walid Labadi, IFC country manager in Egypt, Libya and Yemen. "This investment will support one of Egypt's biggest employers and create the type of secure, well-paying jobs the country needs to further its development and spur growth,” he added.The statement said that the European Bank for Reconstruction and Development (EBRD) is participating in the financing package for EFC with a $60 million loan.The rest of the financing will be provided by local and international commercial lenders, according to IFC’s statement.Earlier this month, IFC provided a $15 million loan, mainly in Egyptian pounds, to Vinavil Egypt for Chemicals Company.Meanwhile, IFC announced in April that its investments to support Egypt’s private sector recorded around $1 billion during the current fiscal year, in order to boost the Egyptian economy.

Source:Libya Today

May 15, 2018 14:03 UTC


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