The EBRD said that the loan aims to support Orascom Construction’s working capital requirements amidst the crisis caused by the novel coronavirus (COVID-19) pandemic. The Egyptian company is expecting higher working capital needs as result of the pandemic. The European Bank for Reconstruction and Development (EBRD) has approved a $25m two-year working capital loan to support Orascom Construction’s operations in Egypt. During the first quarter (Q1) of 2020, Orascom Construction experienced the effects of the partial lockdown due to the pandemic. A two-year US dollar working capital facility will improve Orascom Construction’s financial resilience to withstand the potential negative implications of the pandemic.

Source: The North Africa Journal September 13, 2020 06:56 UTC