Kandil Steel

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 Kandil Steel (“Kandil” or the “Company”) is a downstream flat steel value-add and re-rolling holding company in Egypt. The Company is specialized in producing cold-rolled steel, galvanized rolled steel and pre-painted flat steel products. Kandil owns two main operating subsidiaries; i) Kama Coating (“Kama”); and ii) El Obour Metallurgical Industries (“Galva Metal”).  These subsidiaries produce cold rolled coils (CRC), dark annealed steel (blue steel), cold rolled galvanized (CRG) steel, and pre-painted (PP) steel for local and export markets. As of 2022, Kandil had an installed capacity of 708,000 tons per annum with exports to over 40 countries.   Due to rising raw material costs and tight US$ liquidity in the Egyptian banking sector, Kandil’s permanent working capital requirements are growing. In support of this, IFC proposes an investment of $25 million through a 3-year bullet (revolving facility) loan (the “Project”). The proceeds from IFC will be used mainly to finance raw material purchases and optimize production at both plants.