{"id":558631,"date":"2021-08-19T03:56:00","date_gmt":"2021-08-19T03:56:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/elsewedys-united-metals-secures-usd-25-mn-in-funding-from-ebrd\/"},"modified":"2021-08-19T03:56:00","modified_gmt":"2021-08-19T03:56:00","slug":"elsewedys-united-metals-secures-usd-25-mn-in-funding-from-ebrd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/19\/elsewedys-united-metals-secures-usd-25-mn-in-funding-from-ebrd\/","title":{"rendered":"ElSewedy\u2019s United Metals secures USD 25 mn in funding from EBRD"},"content":{"rendered":"<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>ElSewedy\u2019s United Metals Company subsidiary lands USD 25 mn loan from EBRD: <\/strong>The European Bank for Reconstruction and Development (EBRD) has agreed to provide to ElSewedy\u2019s subsidiary <a href=\"https:\/\/www.elsewedyelectric.com\/en\/business-lines\/wire-cable\/umc\/\">United Metals Company<\/a> (UMC) a two-year, USD 25 mn facility to finance the company\u2019s working capital needs and provide funding to source raw materials amid the covid-19 disruption, the European lender said on <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/52827.html\">its website<\/a> yesterday. The finance will also be geared towards improving UMC\u2019s engagement, recruitment and integration of disabled workers, EBRD said.<\/p>\n<p><strong>United Metals Company is 99.8% owned by El Sewedy Electric<\/strong> and had received a previous EBRD facility in 2017, according to the European lender\u2019s statement, <a href=\"https:\/\/www.ebrd.com\/news\/2019\/ebrd-supports-manufacturing-in-egypt-.html\">and another in 2019<\/a>.<\/p>\n<p><strong>The company had been feeling the crunch of the global commodities boom<\/strong>, which drove up the price of a key production input, copper cathodes, in 2H2020. Prices <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7ca7f3d-c837-4934-8a46-376b5f810354\">have spiralled<\/a> since the global pandemic erupted, with the futures price of copper more than doubling since March 2020, reaching a record high in May thanks to widening supply-demand gap that is likely to continue for some time, market strategists say.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ElSewedy\u2019s United Metals Company subsidiary lands USD 25 mn loan from EBRD: The European Bank for Reconstruction and Development (EBRD) has agreed to provide to ElSewedy\u2019s subsidiary United Metals Company (UMC) a two-year, USD 25 mn facility to finance the company\u2019s working capital needs and provide funding to source raw materials amid the covid-19 disruption, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,571,152,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558631","post","type-post","status-publish","format-standard","hentry","category-debt-watch","tag-debt-watch","tag-ebrd","tag-elsewedy-electric","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"b2210dfe-664b-43bb-9672-5ea616137bde","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[558622],"teaser":"","voice_url":""},"yoast_head":"<!-- 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