ElSewedy’s subsidiary United Metals Company secures US$25m from EBRD

EGYPT – The European Bank for Reconstruction and Development (EBRD) has agreed to provide to ElSewedy’s subsidiary United Metals Company (UMC) a two-year, US$25 million facility to back the company’s working capital needs amidst the COVID-19 pandemic. The loan will enhance the Company’s financial resilience to withstand the potential negative implications of the COVID-19 pandemic through providing funding to source raw materials, EBRD said in a statement. UMC, 99.8% owned by El Sewedy Electric, is an Egyptian joint stock company specialized in the production of copper rods, the main raw…

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