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Orascom Construction secures US$100 million loan from IFC

The loan is expected to help the company expand its operations. (Image: Green Prophet1/Flickr)

Egypts Orascom Construction (OC) has been granted a US$100 million loan from the International Finance Corporation (IFC)

The loan from the World Bank's investment arm will be used to finance the operations of the company on existing and new projects.

Orascom Construction Industries (OCI) chief financial officer Salman Butt commented, "Securing this loan will provide Orascom Construction with the necessary capital to expand its operations across the region.

"We are pleased with the IFC's continued commitment to the company as well as the country and look forward to further developing our longstanding relationship in the future."

Egypt has been trying to win back investors who withdrew last year due to the political uprising. The loan is expected to help Orascom Construction expand and rebuild confidence in the private sector.

IFC Middle East and North Africa director Mouayed Makhlouf said, "This investment fits with our strategy. By supporting a group like Orascom Construction, we want to send the signal that Egypt has long-term potential."

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