The International Finance Corporation (IFC) has approved a US$25 million loan to Egypt-based galvanized steel company Kandil Steel to support sustainable flat steel processing in Egypt and promote the company’s production of high-quality steel.

The financing package will also help the development of the company’s decarbonization target and support private sector jobs.

Besides, Kandil Steel said that the partnership will also enable the company to increase its annual steel production from 500,000 tons to 800,000 tons by the end of 2024 and secure more raw materials for steel production.