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EBRD Supports Egyptian Copper Cable Manufacturer United Metals Company (UMC)

UMC is a subsidiary of Elsewedy Electric, one of the largest cable and electrical product manufacturers in the Middle East and Africa, operating out of 30 production facilities in 14 different countries.

May 18, 2017

The EBRD is providing a USD 25 million loan to the Egyptian copper rods manufacturer United Metals Company (UMC) to support the company’s working capital.

UMC is a subsidiary of Elsewedy Electric, one of the largest cable and electrical product manufacturers in the Middle East and Africa, operating out of 30 production facilities in 14 different countries. UMC, established in 1998, is one of the leading high quality copper rod producers in Egypt and North Africa. Copper rod manufacturing is an important industry for the Egyptian and the regional market, with export markets including Algeria, Ethiopia and Lebanon.

The EBRD loan will finance the working capital of UMC, including purchases of copper on the international markets. UMC will use some of the loan to implement a comprehensive environmental and social action plan which includes the purchase of modern equipment that will set new quality standards in Egypt’s wire and electrical products industry. The aim of this plan is to reduce dust emissions from 24 milligrams per cubic metre (mg/Nm3) to 2-5mg/Nm3 by the end of 2018, according to EBRD.

 

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