Kuwait’s Gulf Cryo seeks EBRD’s $15 mln loan for Egypt expansions

Gulf Cryo Egypt, part of the Kuwaiti industrial and medical gases manufacturer, says it is negotiating a loan ranging between $10 million and $15 million from European Bank for Reconstruction and Development (EBRD).

The loan will go for financing the Kuwaiti company’s future expansions in Egypt, said Amr El-Sahn, Managing Director of Gulf Cryo Egypt, on Tuesday.

The company has investments in Egypt currently amounting to 300 million Egyptian pounds ($17 million) and “wants to double them” in the coming period, El-Sahn added.

Gulf Cryo is operating in 12 countries, including all of the GCC, Jordan, Syria, Egypt, Iraq, Turkey, and Austria. It made $120 million in profits in the Arab region, and 100 million Egyptian pounds worth of sales in Egypt, he said.

Its main clients in Egypt include Orascom, Petrojet, Ezz Steel, and other major companies operating in the petrochemicals sector, El-Sahn said.