{"id":38970,"date":"2019-07-04T21:03:26","date_gmt":"2019-07-04T19:03:26","guid":{"rendered":"https:\/\/csregypt.com\/?p=38970"},"modified":"2019-07-09T10:30:34","modified_gmt":"2019-07-09T08:30:34","slug":"ebrd-extends-25-m-loan-to-help-egypts-umc-implement-social-environmental-plan","status":"publish","type":"post","link":"https:\/\/csregypt.com\/en\/ebrd-extends-25-m-loan-to-help-egypts-umc-implement-social-environmental-plan\/","title":{"rendered":"EBRD extends $ 25 m loan to help Egypt&#8217;s UMC implement social, environmental plan"},"content":{"rendered":"<p style=\"direction: ltr;\">The European Bank for Reconstruction and Development decided to extend a 25-million-dollar loan to Egypt&#8217;s United Metals Company (UMC) to boost the company\u2019s working capital and co-finance the implementation of a comprehensive environmental and social action plan which includes the purchase of modern equipment that will set new quality standards in Egypt\u2019s wire and electrical products industry.<\/p>\n<p style=\"direction: ltr;\">Addressing skills mismatches and enhancing technical skills in Egypt\u2019s private sector, EBRD provided to Elsewedy Technical Academy a technical cooperation package financed by the Swiss development cooperation agency, SECO. In 2017, EBRD provided a first loan of $25 million to UMC.<\/p>\n<p style=\"direction: ltr;\">Established in 1998, UMC , a copper rods manufacturer and supplier to many local producers, is a subsidiary of Elsewedy Electric, one of the largest cable and electrical product manufacturers in the Middle East and Africa, with 30 production facilities in 14 countries.<\/p>\n<p style=\"direction: ltr;\">Egypt is a founding member of EBRD. Since the start of its operations in Egypt in 2012, the bank has invested close to \u20ac5 billion in 93 projects in the country. 2018 was a record year for the bank in Egypt, when it was the largest EBRD country of operations in terms of new commitments.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Bank for Reconstruction and Development decided to extend a 25-million-dollar loan to Egypt&#8217;s United Metals Company (UMC) to boost the company\u2019s working capital and co-finance the implementation of a comprehensive environmental and social action plan which includes the purchase of modern equipment that will set new quality standards in Egypt\u2019s wire and electrical [&hellip;]<\/p>\n","protected":false},"author":410,"featured_media":38971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6038,6261,6098,6262],"tags":[6087],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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