Orascom Construction secures $25 mn loan from EBRD

Orascom Construction (OC) has secured a two-year $25 mn working capital loan after the The European Bank for Reconstruction and Development (EBRD) approval, according to the bank’s website.

The loan aims to support the company’s working capital requirements, which have risen amid the covid-19 crisis, and is not tied to any specific project.

The facility will improve OC’s financial resilience, ensuring the company has sufficient working capital and liquidity, the bank said. OC’s profits plunged almost 70% to USD 9.8 mn in 2Q2020 from USD 31.3 mn in 2Q2019, despite a marginal uptick in revenues