Orascom Construction Industries (OCI) announced today that the <br /><br />International Finance Corporation (IFC), a <br />member of the World Bank Group, will provide a US$ 100 million loan <br /><br />to Orascom Construction (OC), the <br />Company’s wholly-owned construction subsidiary. The loan will be used <br /><br />to finance the operations of the company <br />as well as ongoing and new projects.<br />Salman Butt, Chief Financial Officer of OCI, commented, "securing this <br /><br />loan will provide Orascom Construction<br />with the necessary capital to expand its operations across the region. We <br /><br />are pleased with the IFC’s continued <br />commitment to the company as well as the country and look forward to <br /><br />further developing our longstanding <br />relationship in the future." <br />Mouayed Makhlouf, IFC Director for the Middle East and North Africa, <br /><br />said, “by supporting a group like Orascom <br />Construction, we want to send the signal that Egypt has long-term <br /><br />potential. This investment fits with our strategy <br />of boosting confidence in Egypt's private sector, a major contributor to <br /><br />employment.”<br />About Orascom Construction Industries <br />OCI is one of Egypt’s largest corporations employing more than 72,000 <br /><br />people in 35 countries around the <br />globe. The OCI Fertilizer Group owns and operates nitrogen fertilizer <br /><br />plants in Egypt, the Netherlands, the United <br />States, and Algeria and has an international distribution platform <br /><br />spanning from the Americas to Asia. The OCI <br />Fertilizer Group ranks among the world’s top fertilizer producers with a <br /><br />production capacity which will exceed 7.0 <br />million metric tons in 2012. The OCI Construction Group provides <br /><br />international engineering and construction <br />services primarily on infrastructure, industrial and high-end commercial <br /><br />projects in Europe, the Middle East and <br />North Africa for public and private clients. The OCI Construction Group <br /><br />ranks among the world’s top global <br />contractors.
