Egyptian Steel Negotiating to Secure EGP 2 Billion in Shariah-Compliant Funding

According to local news reports, Egyptian Steel is in negotiations with local banks to secure Shariah-compliant funding worth EGP 2 billion.

The unnamed sources revealed that Egyptian Steel aims to use the loan funds to increase its working capital as well as to finance the expansion of its factories in Port Said and Ain Sokhna.

The news source added that the factory in Port Said has a total annual production capacity of 350,000 tonnes of steel, and is built over a total area of 40,000 square meters.

The facility in Ain Sokhna, which is Egyptian Steel’s fourth factory in Egypt has a production capacity of 550,000 tonnes of steel and spans...