IFC to Provide US$ 100 Million Loan to the OCI Construction Group
Orascom Construction Industries (OCI) announced today that the
International Finance Corporation (IFC), a member of the World Bank
Group, will provide a US$ 100 million loan to Orascom Construction
(OC), 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.
Salman Butt, Chief Financial Officer of OCI, commented, "securing this
loan will provide Orascom Construction with the necessary capital to
expand its operations across the region. We are pleased with the IFC's
continued commitment to the company as well as the country and look
forward to further developing our longstanding relationship in the
future."
Mouayed Makhlouf, IFC Director for the Middle East and North Africa,
said, "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."
About Orascom Construction Industries
OCI is one of Egypt's largest corporations employing more than 72,000
people in 35 countries around the globe. The OCI Fertilizer Group owns
and operates nitrogen fertilizer plants in Egypt, the Netherlands, the
United States, and Algeria and has an international distribution
platform spanning from the Americas to Asia. The OCI Fertilizer Group
ranks among the world's top fertilizer producers with a production
capacity which will exceed 7.0 million metric tons in 2012. 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 among the
world's top global contractors.
