Hassan Allam Holding (HAH) has signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a USD 20 mn loan to support the construction and utility sectors in Egypt, Invest-Gate reports.
According to EBRD, the loan will help HAH expand into the country’s growing water and sewage treatment sector by acquiring companies specialized in engineering and water desalination, while employing and training more workers.
“We are expanding our business offering by adding green utilities to our core activities. With the support of EBRD we will accelerate this expansion by investing in the water space,” Amr Allam, CEO of HAH, was quoted as saying in a recent statement.
For his part, Jurgen Rigterink, EBRD First Vice-President, said, “We are very happy to support HAH in its expansion into new sectors of high significance to the country and the Egyptian people, namely water treatment and desalination. This project will also help develop the right skills that are in demand in the sector.”
Since its establishment in 2012, EBRD has invested over EUR 5.5 bn in 102 projects in the country. In 2018, Egypt was the bank’s largest economy for allocated investments, especially in terms of new commitments.