IFC, a member of the World Bank Group, has invested €80 million in the equity of Alexandria Portland Cement Company (APCC), a subsidiary of the Titan Group, to support the company’s expansion plans and the development of housing and infrastructure projects in Egypt. IFC’s equity investment in Alexandria Development Limited (ADL), a Titan Holding Company, will give IFC a 15.2% stake in APCC through ADL.
Dimitris Tsitsiragos, IFC Director for the Middle East, North Africa and Southern Europe, said, “IFC’s investment will help increase competition in Egypt’s construction sector, and improve environmental standards in an industry that is critical to the development of the country’s infrastructure and housing sectors. The project will also send a strong signal to other private investors in the country and the region.”
APCC will use IFC’s financing to expand and upgrade its operations in Egypt in response to growing demand in the country for large infrastructure and low-income housing projects The new investment will help secure current employment at APCC, and generate new local employment opportunities. By upgrading its operations, APCC should continue to achieve higher environmental standards.
Read the article online at: https://www.worldcement.com/africa-middle-east/24112010/ifc_invests_in_alexandria_portland_cement/