Africa Finance Corporation to invest US$25 mln in Carbon Holdings Ltd.

11-Mar-17

Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, has announced plans to invest US$25 mln in Egyptian petrochemicals company Carbon Holdings Ltd.
Carbon Holdings primarily operates in the Suez Special Economic Zone. As well as exporting raw materials and end products, the company aims to develop an integrated large scale petrochemicals platform in Egypt to take advantage of the country's strategic geographic location along the Suez Canal. Subsidiary companies of Carbon Holdings include Oriental Petrochemicals Company, Egypt Hydrocarbon Corporation and Tahrir Petrochemicals Corporation. In addition to AFC, the International Finance Corporation and Gulf Capital are providing capital to support the expansion of Carbon Holdings' operations. The Company's investment strategy will support the establishment of a robust raw materials base and ultimately the development of Egypt's manufacturing sector, delivering long term jobs to Egypt and helping to boost Africa's overall economic growth.

AFC was formed to provide specific project structuring expertise and risk capital for large-scale infrastructure projects that are needed across Africa to develop economies. In November 2016, AFC launched AfIDA, a think tank and network to promote and advance the development of more bankable infrastructure projects across Africa. AfIDA will work to develop market norms, conduct independent research and act as a policy advocacy forum for the industry.