El Sewedy Electric, a multinational cable and electrical products manufacturer led by Egyptian multimillionaire businessman Ahmed El Sewedy, has received a $150-million loan from the International Finance Corporation, a sister organization of the World Bank and a member of the World Bank Group.
The $150-million loan facility will support the group’s expansion and the modernization of its manufacturing operations. Presently, the company is making efforts to increase access to renewable energy in several African countries, which aligns with the IFC’s strategy to deliver energy solutions in various regions of Africa where access to power remains limited.
“The IFC’s $150-million loan, alongside First Abu Dhabi Bank and European Arab Bank as participants, will support El Sewedy Electric in financing new solar energy facilities in Africa, improving its energy efficiencies at existing manufacturing facilities, and building and acquiring new plants globally, as and when needed, to increase its competitive edge on a global scale,” the multinational electric company said.
El Sewedy, president and CEO of El Sewedy Electric, said the company is excited about the opportunity to collaborate with the IFC to make a significant impact on sustainable infrastructure development for everyone on the continent.
He added that, with the funding, El Sewedy Electric will assist its customers in addressing the transition to a low-carbon economy through renewable projects and energy-efficient products.
The latest funding solidifies the IFC’s commitment to reducing greenhouse gas emissions in Egypt and Africa as a whole through strategic investments in climate projects.
Since 2016, the Washington, D.C.-based financial institution has invested a total of $1 billion in climate projects in the North African country, including a $100-million loan to the Commercial International Bank for the issuance of Egypt’s first private sector green bond in 2021.
In addition to plans to provide energy solutions in regions of Africa where access to power is limited, the investment will reduce greenhouse gas emissions by the equivalent of more than 60,000 tonnes of CO2 per year through solar plants and El Sewedy Electric’s own increased efficiencies in its manufacturing facilities across the countries in which it operates.
El Sewedy Electric, an Egyptian electrical corporation, was founded in 1938 by the El Sewedy family. The family, represented by Sadek, Ahmed, and Mohammed El Sewedy, owns 68 percent of the corporation, a stake worth EGP9 billion ($479 million) at the time of writing.