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USD 25 million is granted to Kandil Steel, Egypt’s flagship steel company by the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group. The Egyptian company will use this financing to increase its steel production capacity while giving a major thrust in reducing the environmental impact of its activities.
USD 25 million is granted to Kandil Steel, Egypt’s flagship steel company by the International Finance Corporation (IFC), the private sector financing arm of the World Bank Group. The Egyptian company will use this financing to increase its steel production capacity while giving a major thrust in reducing the environmental impact of its activities.
The International Finance Corporation (IFC), the private sector financing arm of the World Bank Group, is providing a $25 million loan to Kandil Steel, Egypt’s flagship steel company. The Egyptian company will use this financing to increase its steel production capacity while reducing the environmental impact of its activities.
IFC will provide advice to help Kandil Steel develop a decarbonisation programme to reduce its carbon emissions and improve its overall environmental and social practices. Kandil is one of Egypt’s top 10 steel exporters. The company exports its refined steel to at least 40 countries in Africa, Europe, the Middle East, and North America, which gives employment to 1,000 people.
The IFC funding, provided in a very challenging local and global context, will help the company to maintain a growing presence in its export markets while continuing to meet the needs of the domestic market, in line with Egypt’s national directive to deepen and expand the added value of manufacturing says Kandil Steel’s Managing Director. The Cairo-based company plans to increase its steel production from 500 to 800,000 tonnes by the end of 2024.
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The steel industry is rightly considered to be one of the most polluting sectors in the world. According to IF Steelman, the industry is responsible for 7% of anthropogenic greenhouse gas (GHG) emissions worldwide. For some experts, achieving carbon neutrality in this sector by 2050 will require green hydrogen.
