The International Financial Corporation (IFC), a member of the World Bank Group, announced it will offer a $30 million loan for BCI Holding SA Group to help the company expand its production in Algeria, Egypt, and Nigeria.
BCI Holding is a major regional manufacturer and distributor of polyurethane (PU) raw materials, systems, and specialities with headquarters in the UAE.
IFC’s loan aims to contribute to the creation of hundreds of direct and indirect jobs in Egypt, Algeria, and Nigeria.
BCI Holding says it wants to create greener, circular economy systems using a technology that recycles scrap polyester into insulating materials. It also plans to use the funds to develop regional supply chains for polyurethane, which is used in the production packaging, footwear, and other purposes.
The company is a manufacturer and distributor of polyurethane raw materials, used in the production of plastics. BCI Holding has production facilities in Egypt, the UAE, Turkey and Italy, with distribution facilities in Algeria and Lebanon.
Other chemical production companies are looking to make Egypt their regional hub: Earlier this year, North American adhesive manufacturing company HB Fuller announced that it would be setting up a facility in Cairo and using Egypt as its ”gateway” to the region.
