| Project Detail |
Location:
Egypt
Project number:
47559
Business sector:
Other
Notice type:
Private
English-language PSD published:
04 Dec 2024
Project Description
This PSD relates to a historical Bank project approved some years ago, and does not represent a new approval, or allocation of new funds. Disclosure of this PSD was deferred in accordance with the transparency framework in place at the time, but due to an administrative oversight, was not subsequently disclosed
On 22 July 2015, the Board of Directors approved an equity investment of up to USD 100m for a subscription to newly issued shares representing a sizeable minority stake in United Sugar Company S.A.E. (“USCE” or the “Company”), an Egyptian sugar refining company majority owned by Savola group, a leading regional food conglomerate headquartered in Saudi Arabia.
Project Objectives
Proceeds from the EBRD subscription were used (i) for conversion of an existing EBRD loan to USCE into equity, and (ii) to finance the Company’s additional working capital needs. The investment also permitted the Company to strengthen its balance sheet, decrease its foreign denominated loans, and finance working capital needs to assist in expansion of both local and export sales. |
