The European Bank for Reconstruction and Development (EBRD) has agreed to provide $25m (£20m) to United Metals Company (UMC), a copper rods manufacturer and supplier to many local producers.
Image: EBRD to support Egypt’s private sector. Photo: Courtesy of European Bank for Reconstruction and Development.
The funds will boost the company’s working capital and co-finance the implementation of a comprehensive environmental and social action plan which includes the purchase of modern equipment that will set new quality standards in Egypt’s wire and electrical products industry.
Addressing skills mismatches and enhancing technical skills in Egypt’s private sector, EBRD provided to Elsewedy Technical Academy a technical cooperation package financed by the Swiss development cooperation agency, SECO. In 2017, EBRD provided a first loan of US$25 million to UMC.
Established in 1998, UMC is a subsidiary of Elsewedy Electric, one of the largest cable and electrical product manufacturers in the Middle East and Africa, with 30 production facilities in 14 countries.
Egypt is a founding member of EBRD. Since the start of its operations in Egypt in 2012, the Bank has invested close to €5 billion in 93 projects in the country. 2018 was a record year for the Bank in Egypt, when it was the largest EBRD country of operations in terms of new commitments.
Source: Company Press Release