EBRD approves $11m financing of Egypt’s Carbon Holdings projects

CAIRO – 13 May 2017: The European Bank for Reconstruction and Development (EBRD) has approved the financing of Egypt's Carbon Holdings with an $11 million cash injection, said Minister of Investment and International Cooperation Sahar Nasr.

The move comes as part of the ministry’s efforts to support the country’s private sector through international financial institutions, a Friday statement from the ministry quoted Nasr as saying.

A pilot project will be established with Carbon Holdings, paving the way for the construction of a factory to produce polypropylene for Egypt, the Middle East and North Africa, Nasr further elaborated.

The funds will be used to improve quality standards in order to meet international ISO certification standards at Egyptian Hydrocarbon Corporation (EHC), which is one of Carbon Holdings’ operating companies, Nasr noted.

The company will also work on upgrading its approach to energy efficiency management and reducing N2O emissions to protect the environment, Nasr stated.