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.
