Cairo-September 6, 2021: IFC's financing plan will help BCI Holding SA, a leading polyurethane (PU) raw material, system and specialized regional manufacturer and distributor based in the UAE, further expand its presence in Algeria and Egypt The production, and Nigeria, created hundreds of direct and indirect jobs in these countries.

IFC’s US$30 million loan will support the company to expand its existing production facilities in Egypt and to start production of new plants in Algeria and Nigeria. The financing will help BCI develop a regional supply chain for polyurethane, a multifunctional product used in insulation, footwear, packaging and other industries. BCI’s signature technology is used to convert recycled PET waste into polyester polyols for insulation and has the potential to support circular economy programs that are designed to build resilience, create business and economic opportunities, and provide environmental and social benefits .

The expansion of production facilities in Egypt and the construction of two additional factories in Algeria and Nigeria are expected to create more than 80 direct jobs and hundreds of indirect jobs in the supply chain through the employment multiplier effect.

"Despite the challenges facing the region, our group has been able to survive and prosper over the past 64 years, mainly due to our commitment to fully understand the factors that constitute a truly positive bottom line. The companies we invest and develop must not only be economically viable , It is beneficial to society and environmental protection," said Dr. Ihsan Baalbaki, founder and chairman of the group. "The ability of the PU industry to create meaningful and sustainable employment opportunities and increase the localization capabilities of the Middle East industry explains why we continue to invest enthusiastically in it. We believe that the cooperation with IFC will further expand our business capabilities for good. "

"With the right financing and support, private companies like BCI Holding SA can create much-needed jobs and promote a green and resilient economy to recover from COVID-19, which has a profound impact on the Middle East and Africa," Ashruf Megahed said, IFC's regional industry manager for manufacturing, agribusiness and services in the Middle East and North Africa region. 

The partnership between IFC and BCI Holding SA is part of IFC's strategy to eradicate poverty and create jobs by supporting the development of the private sector in the Middle East and Africa. As new factories spread across Africa, the project will also help strengthen regional integration and technology transfer, as well as the development of regional supply chains.

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