IFC approves $25mln grant to boost Egypt’s green steel production

The International Finance Corporation (IFC) has approved a $25 million loan to Egyptian steel production firm Kandil Steel to support sustainable flat steel production and green projects in the country, said a disclosure made on Thursday.

IFC also promises to provide advice to help Kandil Steel develop a decarbonisation programme to reduce its carbon emissions and improve its overall environmental and social practices.

Amr Kandil, CEO of the company, said that IFC funding “will help us maintain a growing presence in our export markets while continuing to meet the needs of our domestic market.”

The loan will help the company to invest in new technologies that promote steel production while supporting and increase its steel production plan from 500,000 to 800,000 tons by the end of 2024, the CEO added.