EBRD backs Beko Egypt with $50mln loan for production plant

EBRD backs Beko Egypt with $50mln loan for production plant

The European Bank for Reconstruction and Development (EBRD) will provide Beko Egypt Home Appliances Industries with a senior loan of up to $50 million to finance its first production plant at the industrial city in the 10th of Ramadan City, the bank stated. The loan will be mainly used to fund the construction of the building of the eco-friendly home appliances manufacturing plant as well as the establishment of a research and development center. The new production facility is projected to commence operations by the first half of 2024. The facility is set to be established on a 114,000-square-meter area with investments surpassing $100 million and an annual capacity of 1.1 million units. The project is expected to create over 2,000 job opportunities.   Copyright © 2022 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). EBRD backs Beko Egypt with $50mln loan for production plant