EBRD approves $25M loan to Elsewedy Electric

CAIRO – 11 May 2017: The European Bank for Reconstruction and Development (EBRD) approved a $25 million loan to the United Metals Company (UMC), a subsidiary of Egypt’s major cable manufacturer Elsewedy Electric, to support the company’s working capital, according to the official website of the EBRD.

UMC, operating in copper rod industry in Egypt and North Africa, will use part of the loan to finance a comprehensive environmental plan to reduce dust emissions by the end of 2018. The plan includes the purchase of modern equipment that will set new quality standards in the wire and electrical products industry.

“Supporting the development of the private sector in Egypt is one of the EBRD’s priorities. We are pleased to provide this financing for the development of UMC,” Phil Bennett, EBRD first vice president, said.

Ahmed El Sewedy, 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 the EBRD and Elsewedy Electric.”

The loan comes in light of the EBRD’s financing activities, which amounts to €2.3 billion in Egypt through 43 projects since 2012. The projects are mainly in the financial sector, agribusiness, manufacturing and services, and infrastructure projects.