The European Bank for Reconstruction and Development (EBRD) said that it will provide a $25 million loan to the Egyptian copper rods manufacturer United Metals Company (UMC), a subsidiary of Elsewedy Electric.
The EBRD loan will finance the working capital of UMC, including purchases of copper on international markets, according to a statement released on Thursday.
“Supporting the development of the private sector in Egypt is one of the EBRD’s priorities,” Phil Bennett, EBRD first vice president, said.
“We are pleased to provide this important financing for the development of United Metals Company. Our loan addresses the financial, as well as environmental challenges in a unique and innovative way,” he added.
EBRD noted that it has invested over 2.3 billion euros to date in Egypt through 43 projects since the start of its activities in the country at the end of 2012.
Ahmed Elsewedy, CEO of Elsewedy Electric, said: “We are very pleased to obtain this working capital financing from the EBRD. We hope this will be the start of a long-term relationship between EBRD and Elsewedy Electric.”
