Orascom Construction Industries has announced that the International Finance Corporation, a member of the World Bank Group, will provide a $100m loan to Orascom Construction, the company’s wholly owned construction subsidiary. The loan will be used to finance the operations of the company as well as ongoing and new projects, said Salman Butt, chief financial officer of OCI. He added that securing the loan meant that Orascom Construction had the necessary capital to expand its operations across the region.

2. Orascom agrees $100m
loan from World Bank
Orascom Construction Industries has
announced that the International Finance
Corporation, a member of the World
Bank Group, will provide a $100m loan to
Orascom Construction, the company’s
wholly owned construction subsidiary.
The loan will be used to finance the
operations of the company as well as
ongoing and new projects, said Salman
Butt, chief financial officer of OCI. He
added that securing the loan meant that
Orascom Construction had the necessary
capital to expand its operations across
the region.

3. “By supporting a group like Orascom Construction, we want to
send the signal that Egypt has long-term potential. This
investment fits with our strategy of boosting confidence in
Egypt’s private sector, a major contributor to employment,”
Mouayed Makhlouf, IFC director for the Middle East and North
Africa.
OCI is one of Egypt’s largest corporations with more than
72,000 employees in 35 countries around the globe. Its
subsidiary, the OCI Construction Group provides international
engineering and construction services primarily on
infrastructure, industrial and high-end commercial projects in
Europe, the Middle East and North Africa for public and private
clients.
The OCI Construction Group ranks amongst the world’s top
global contractors, Butt said.