Orascom Construction Industries Gets $100 Mln World Bank Loan

Egypt’s Orascom Construction Industries (OCI) (OCIC.CA) has secured a $100 million loan from the World Bank’s investment arm to help it expand across the region and rebuild confidence in the country’s private sector.

Egypt is struggling to draw back investors who fled last year when an uprising unseated the country’s president, sparking political instability that is still continuing.

The loan from the World Bank’s International Finance Corporation (IFC) would be used for existing operations and new projects, Orascom said.

“This investment fits with our strategy of boosting confidence in Egypt’s private sector, a major contributor to employment,” IFC Middle East and North Africa director Mouayed Makhlouf said in the statement.