El Swedy Electric unit secures $50mln loan from EBRD

The European Bank for Reconstruction and Development (EBRD) on Wednesday grants United Metals Company (UMC), a subsidiary of the Egyptian El Sewedy Electric Group, a $50 million loan to support copper manufacturing industry in Egypt.

The loan will finance the working capital of UMC, including for importing copper cathodes, which are key to the production of cables, according to EBRD’s statement published on Wednesday.

It is worth mentioning that Elsewedy Electric is one of the largest cable and electrical product manufacturers in the Middle East and Africa, with 30 production facilities in 14 different countries.