IFC to support BCI Holding with USD 30 mn loan
Plastics raw material manufacturer BCI Holding will expand its production facility in Egypt through a USD 30 mn loan from the International Finance Corporation (IFC), which will also be used to establish new facilities in Algeria and Nigeria, the IFC announced in a press release (pdf). The statement does not say how much of the funding is earmarked for Egypt.
BCI Holding says it wants to create greener, circular economy systems using a technology that recycles scrap polyester into insulating materials. It also plans to use the funds to develop regional supply chains for polyurethane, which is used in the production packaging, footwear, and other purposes.
The company is a manufacturer and distributor of polyurethane raw materials, used in the production of plastics. BCI Holding has production facilities in Egypt, the UAE, Turkey and Italy, with distribution facilities in Algeria and Lebanon.
Other chemical production companies are looking to make Egypt their regional hub: Earlier this year, North American adhesive manufacturing company HB Fuller announced that it would be setting up a facility in Cairo and using Egypt as its ”gateway” to the region.