{"id":607067,"date":"2023-09-26T00:00:00","date_gmt":"2023-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/"},"modified":"2023-09-26T00:00:00","modified_gmt":"2023-09-26T00:00:00","slug":"kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/26\/kandil-steel-borrows-usd-25-mn-from-ifc-amid-industry-headwinds\/","title":{"rendered":"Kandil Steel borrows USD 25 mn from IFC amid industry headwinds"},"content":{"rendered":"

The International Finance Corporation (IFC) has signed off on a <\/strong>U<\/a><\/strong>SD<\/a><\/strong>25 mn loan<\/a><\/strong> to <\/strong>Kandil Steel<\/a><\/strong>. The funding will be used to support the company\u2019s expansion plans amid ongoing economic headwinds. The loan, approved earlier this year, will \u201csupport the company\u2019s operational and financial resilience\u201d by funding working capital and enabling it to continue purchasing raw materials, the multilateral lender said in a s<\/a> tate<\/a> ment<\/a> yesterday.<\/p>\n

Kandil needs the greenbacks: <\/strong> The ongoing economic crisis is weighing on the local steel industry, with soaring inflation, a weaker EGP and a prolonged shortage of foreign currency squeezing margins and curbing access to key production inputs. In its disclosure<\/a>, the IFC said that Kandil\u2019s working capital requirements have risen on the back of rising raw material costs and reduced access to USD. The proceeds will be primarily go towards paying for raw materials and \u201coptimizing production\u201d at its plants, it said<\/p>\n

Supporting expansion: <\/strong> The company wants to increase annual production by 60% to 800k tons by the end of 2024, said CEO Amr Kandil. \u201cIFC's financing, provided amid a very challenging local and global environment, will help us sustain a growing presence in our export markets while continuing to fulfill our home market needs,\u201d he said.<\/p>\n

Kandil is a key player in the local steel industry: <\/strong> Kandil Steel ranks among Egypt\u2019s 10 largest steel exporters, currently shipping to more than 40 countries across the world. The company\u2019s factories in Tenth of Ramadan City and Obour City have the capacity to produce 708k tons of steel a year, and it dominates the local market for galvanized steel products.<\/p>\n

A climate add-on: <\/strong> The IFC will also help the company develop a decarbonization program to reduce its carbon emissions.<\/p>\n

BACKGROUND- The sands are shifting (somewhat) in the industry. <\/strong>Beshay Steel, one of the region\u2019s largest private-sector steel firms, this month sold significant minority stakes<\/a> in three of its subsidiaries to the military\u2019s National Service Projects Organization reportedly in order to fund debt repayments. Reports in the local press have also suggested that state-owned Delta Steel may be up for sale<\/a>, with a number of local private companies reportedly considering making bids. Ezz Steel, meanwhile, believes enough in the future of the industry that it committed to a USD 241 mn buyout<\/a> of the government\u2019s 31% stake in its subsidiary Al Ezz Dekheila.<\/p>\n","protected":false},"excerpt":{"rendered":"

The money will help the company pay for raw materials and maintain production amid the FX crunch and soaring inflation<\/p>\n","protected":false},"author":1,"featured_media":607068,"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":[88,101,72,7196,759,7045,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-development-finance","tag-enterpriseam","tag-industry","tag-international-finance-corporation","tag-kandil-steel","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"b810cee1-da35-48f4-aeb0-566eed36788d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1530.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Kandil Steel borrows USD 25 mn from IFC amid industry headwinds","related_issue":[607056],"teaser":"The money will help the company pay for raw materials and maintain production amid the FX crunch and soaring inflation","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.62607701-b5f7-407d-a87e-432b0a0552b5.mp3"},"yoast_head":"\nKandil Steel borrows USD 25 mn from IFC amid industry headwinds - 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The statement does not\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/104.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":587527,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/29\/banque-misr-could-soon-get-a-usd-260-mn-loan-from-ifc\/","url_meta":{"origin":607067,"position":2},"title":"Banque Misr could soon get a USD 260 mn loan from IFC","author":"enterpriseam admin","date":"29 May 2023","format":false,"excerpt":"The bank will use the loan for on-lending to local MSMEs and women-owned SMEs","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1533.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":607342,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/02\/snackmaker-edita-lands-usd-45-mn-loan-from-the-ifc-to-fuel-growth\/","url_meta":{"origin":607067,"position":3},"title":"Snackmaker Edita lands USD 45 mn loan from the IFC to fuel growth","author":"enterpriseam admin","date":"2 October 2023","format":false,"excerpt":"The loan will support the company\u2019s working capital, fund fresh capex, and help it settle a previous loan from the IFC","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/37.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":608414,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/19\/ebrd-to-lend-usd-50-mn-to-copper-manufacturer-umc\/","url_meta":{"origin":607067,"position":4},"title":"EBRD to lend USD 50 mn to copper manufacturer UMC","author":"enterpriseam admin","date":"19 October 2023","format":false,"excerpt":"The loan will fund UMC\u2019s FX liquidity for raw material imports","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/967.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547706,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/04\/fab-europe-arab-bank-to-contribute-to-elsewedys-usd-150-mn-ifc-loan\/","url_meta":{"origin":607067,"position":5},"title":"FAB + Europe Arab Bank to contribute to Elsewedy\u2019s USD 150 mn IFC loan","author":"enterpriseam admin","date":"4 July 2022","format":false,"excerpt":"More details on the IFC\u2019s USD 150 mn loan to Elsewedy Electric: First Abu Dhabi Bank and Europe Arab Bank are participating in the USD 150 mn loan from the International Finance Corporation (IFC) to Elsewedy Electric, the IFC said in a statement (pdf) last week. Elsewedy will mainly direct\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607067"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607067\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607068"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607067"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607067"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}