Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) will provide a $60 million loan to Egyptian Fertilizers Company (EFC), a subsidiary of OCI N.V., to produce granular urea as a fertiliser.
The loan will enable the Egyptian fertilisers producer to restructure its balance sheet and invest in measures to boost competitiveness through long-term funds, the European lender said in a statement on Sunday.
Moreover, the loan will help to create job opportunities at the company for Egyptians youth, the bank added.
The EBRD has invested over EUR 3.6 billion in 80 projects in Egypt now since the bank started operating in the North African nation in 2012.
EFC, located at the port of Ain Al Sokhna, has a capacity of 1.65 million metric tonnes of urea per year across two production lines, EBRD said in a statement on Sunday.
Egypt’s largest private sector producer of granular urea also has a blending unit for 325,000 metric tonnes a year of urea ammonium nitrate, the bank added.
