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EBRD grants $50mln loan to Egypt's UMC for working capital

Thursday, 19 October 2023 16:19
EBRD grants $50mln loan to Egypt's UMC for working capital

(Ecofin Agency) - United Metals Company (UMC), an Egyptian copper rod manufacturer and subsidiary of the El Sewedy Electric industrial group, has entered into a loan agreement with the European Bank for Reconstruction and Development (EBRD). The $50 million loan will be utilized to enhance UMC's working capital requirements and facilitate the acquisition of essential production inputs. This financing supports the Egyptian manufacturing industry.

UMC, listed on the Egyptian Stock Exchange and 99.8% owned by El Sewedy Electric, intends to acquire copper cathodes necessary for copper cable production. UMC has been a previous client of the EBRD, having obtained credit lines in 2017 and 2019 to strengthen its working capital and implement environmental and social action plans, including the purchase of modern equipment.

The EBRD's support of UMC promotes the copper rod manufacturing industry, considered vital for both the Egyptian and regional markets, including export destinations like Algeria, Ethiopia, and Lebanon.

The EBRD, present in Egypt since 2012, boasts investments exceeding 11 billion euros across 169 projects, with nearly 80% of its portfolio allocated to private sector initiatives.



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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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