The International Finance Corporation (IFC), the private investment arm of the World Bank, will invest US$25 mln in Carbon Holdings Limited, an Egyptian downstream petrochemical producer. The World Bank’s IFC is the largest global development institution focused on the private sector in emerging markets, working with more than 2,000 businesses worldwide. “This is in line with our strategy to support local entrepreneurs and increase their access to capital, boosting investors’ confidence and spurring much needed growth in Egypt,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa.
He added that Egypt relies on importing petrochemical products, despite having the raw materials required to turn the country into an exporter, creating local downstream manufacturing capacity and new employment opportunities in the process. Carbon Holding Limited is seeking the funds to finance building of Tahrir Petrochemicals Complex in Ain Sokhna, said Makhlouf. The Tahrir Petrochemical Complex, set to be constructed in Ain Sokhna with US$7 bln worth of investments, is scheduled to be completed by 2019 and will reduce Egypt’s dependence on imported petrochemicals.