International Fianance Corporation (IFC), a member of the World Bank Group, has invested €80m in the equity of Alexandria Portland Cement Company (APCC), a subsidiary of the Greek cement manufacturer Titan Group, to support the company’s expansion plans and the development of housing and infrastructure projects in Egypt.
IFC’s equity investment in Alexandria Development Limited (ADL), a Titan holding company, will give IFC a 15.2 per cent stake in APCC through ADL.
Dimitris Tsitsiragos, IFC Director for the Middle East, North Africa and Southern Europe, said, “IFC’s investment will help increase competition in Egypt’s construction sector, and improve environmental standards in an industry that is critical to the development of the country’s infrastructure and housing sectors. The project will also send a strong signal to other private investors in the country and the region.”
APCC will use IFC’s financing to expand and upgrade its operations in Egypt in response to growing demand in the country for large infrastructure and low-income housing projects.
IFC’s investment will help secure current employment at APCC, and generate new local employment opportunities. By upgrading its operations, APCC should continue to achieve higher environmental standards, thereby minimising its impact on local communities.
APCC’s new line in its cement plant in Beni Suef, Egypt, was recently lauded for its safety standards and named one of the safest places to work in Egypt at the 2010 DuPont Safety Awards.