IFC Approved Loan to Support Green Steel Production in Egypt
Kandil Steel will make use of the loan amount to make investment in state-of-the-art technologies to boost green steel production.
SEATTLE (Scrap Monster): The International Finance Corporation (IFC) - a member of the World Bank Group has approved a loan amount of $25 million to leading Egyptian steelmaker Kandil Steel in support of sustainable flat steel production. The funding will boost green projects in the country.
The loan will help Kandil Steel secure additional raw materials required to produce high-quality steel products. Furthermore, it will reduce the environmental impacts of steelmaking activities. IFC will provide necessary support to the steelmaker towards development of a decarbonization program.
Kandil Steel will make use of the loan amount to make investment in state-of-the-art technologies to boost green steel production. The funding will also help the company go ahead with its earlier announced plan to enhance its steel production from 500,000 tons to 800,000 tons by 2024.
Amr Kandil, Chief Executive Officer, Kandil Steel noted that the IFC funding will help the company to maintain its growing presence in leading export markets, while catering to the needs of the domestic market.
Egypt is the largest crude steel producer in the Middle East and North Africa. Kandil Steel is one of the top ten exporters in the country.
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