Orascom agrees $100m loan from World Bank
Loan will be used to finance the operations of the company as well ongoing and new projects
Orascom Construction Industries has announced that the International Finance Corporation, a member of the World Bank Group, will provide a $100m loan to Orascom Construction, the company’s wholly owned construction subsidiary.
The loan will be used to finance the operations of the company as well as ongoing and new projects, said Salman Butt, chief financial officer of OCI. He added that securing the loan meant that Orascom Construction had the necessary capital to expand its operations across the region.
“By supporting a group like Orascom Construction, we want to send the signal that Egypt has long-term potential. This investment fits with our strategy of boosting confidence in Egypt’s private sector, a major contributor to employment,” Mouayed Makhlouf, IFC director for the Middle East and North Africa.
OCI is one of Egypt’s largest corporations with more than 72,000 employees in 35 countries around the globe. Its subsidiary, the OCI Construction Group provides international engineering and construction services primarily on infrastructure, industrial and high-end commercial projects in Europe, the Middle East and North Africa for public and private clients.
The OCI Construction Group ranks amongst the world’s top global contractors, Butt said.
