IFC proposes investment in steel company
The IFC has disclosed a proposed $25 million financing package comprised of an IFC A loan of up to $12.5 million and mobilization of up to $12.5 million to finance Kandil Steel’s permanent working capital needs.
Kandil, a prominent downstream flat steel supplier in Egypt with export capabilities, is owned by the Kandil family (86.2%), Marubeni Itochu Steel Inc of Japan (10.1%), and JFE Steel Corporation of Japan (3.7%).
Kandil manages two primary domestic production facilities: Kama for Coating and Manufacturing, situated in 10th of Ramadan, and Galva Metal in El Obour City. Both facilities produce similar products, with the exception of pre-painted products, which are exclusively manufactured at Kama Coating.