Egypt: South Valley to invest in expansion, coal usage

South Valley Cement is due to sign a contract for a five-year long-term loan agreement worth EGP1.2bn (US$172.4m) from the Arab African Bank to increase production capacity and utilise coal.

Ahmed El Miqaty, member of the board of directors, revealed that the company will spend EGP600m on expanding its factory and investing in new technology to increase capacity, according to AlMal Newspaper.

The rest of the loan will be used to buy equipment to grind and ignite coal, for which the company is negotiations with European suppliers.