| Project Detail |
Location:
Egypt
Project number:
53763
Business sector:
Manufacturing and Services
Notice type:
Private
Environmental category:
B
Approval date:
11 Jan 2023
Status:
Disbursing
PSD disclosed:
26 Jan 2024
Provision of a senior loan of up to USD 50 million (the "Loan") in favour of Beko Egypt Home Appliances Industries LLC to finance the establishment of its first production facility in Egypt, at the Industrial Zone in 10th of Ramadan City, Ash Sharqiyah.
Project Objectives
The Loan will finance the development of a greenfield regional manufacturing hub in Egypt with an annual capacity of 1.1m units (600k units of refrigerator and 500k units of oven), out of which 60% will be directed for exports to diversified markets including European countries, the Middle East and Africa. The new products manufactured in the facility will increase access to high-energy class refrigerators and ovens, which are well beyond current market standards in the MENA region. The Projects total investment cost amounts to c. USD 100m, with the new facility expected to start operations by 1H 2024. The Banks financing will be mainly directed towards the construction of the production facility building, which will be LEED Gold certified, and the establishment of an R&D centre. |
