Cairo – Mubasher: The European Bank for Reconstruction and Development (EBRD) has approved a $25 million loan to Elsewedy Electric Co's 99.8%-owned subsidiary United Metals Company to support the company's working capital requirements amid the COVID-19 pandemic.
The two-year loan will "enhance the company's financial resilience to withstand the potential negative implications of the COVID-19 pandemic through providing funding to source raw materials," EBRD said on its website.
The European lender will also provide technical support to enhance the capacities of El Sewedy Technical Academy to launch a first of its kind awareness campaign for promoting equal opportunities for women and people with disabilities in the manufacturing industries in Egypt.
