The European Bank for Reconstruction and Development (EBRD) has agreed to provide to ElSewedy’s subsidiary United Metals Company (UMC) a two-year, USD 25 mn facility to finance the company’s working capital needs and provide funding to source raw materials amid the covid-19 disruption, the European lender said on its website yesterday.
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The finance will also be geared towards improving UMC’s engagement, recruitment and integration of disabled workers, EBRD said.
United Metals Company is 99.8% owned by El Sewedy Electric and had received a previous EBRD facility in 2017, according to the European lender’s statement, and another in 2019.
