Global development institution, the International Finance Corporation (IFC), has approved a $25 million loan to Egyptian steel production firm Kandil Steel to support sustainable flat steel production and fund green projects in the North African country.
The loan will help the company secure additional raw materials needed to produce high-quality steel products while reducing the environmental impact of its activities.
The IFC will also provide advisory support to help Kandil Steel develop a decarbonization program to reduce its carbon emissions.
“The IFC funding, provided in a very challenging local and global context, will help us maintain a growing presence in our export markets while continuing to meet the needs of our domestic market,” stated Kandil Steel CEO, Amr Kandil.
Kandil Steel will use the loan to invest in new technologies that promote steel production while supporting the company’s plan to increase its steel production from 500,000 to 800,000 tons by 2024.
The investment aligns with the IFC’s two key pillars in its parent company, the World Bank Group’s, Country Partnership Framework for Egypt, which aims to improve the country’s local content development and strengthen resilience to global economic shocks.
