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IFC grants US$100m to Egypt's industry
The Egyptian Gazette Published in The Egyptian Gazette on 15 - 05 - 2018

CAIRO, May 15, 2018 - The International Finance Corporation (IFC), a World Bank affiliate, on Tuesday announced that it would offer US$100 million to finance the Egyptian cement company, in support of the industrial sector and to create more job opportunities.
The industrial sector is one of the main recruiters in Egypt, and it needs highly-qualified employees, said Waleed Labady, the IFC regional manager.
Labady added that the IFC investment would secure high-salaried jobs for a company considered to be one of the top recruiters in Egypt.
Hassan Badrawy, the Financial Manager of Orascom Construction, and the Board Chairman of the Egyptian Cement Company, said, "This investment will help us improve our operations and support our position as leading exporter in Africa."
According to the IFC announcement, the fund is part of a total of US$445 million offered to the company by international institutions, to support the industrial sector.

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