The International Finance Corporation, a member of the World Bank Group, invested €80 million in the equity of Alexandria Portland Cement Company (APCC), a subsidiary of the Greek cement manufacturer Titan Group, to support expansion plans and the development of housing and infrastructure projects in Egypt.
In a statement to the press, IFC said its equity investment in Alexandria Development Limited (ADL), a Titan holding company, will give the corporation a 15.2 percent stake in APCC.
APCC will use the financing to expand and upgrade its Egypt operations to meet growing demand for large infrastructure and low-income housing projects.
Dimitris Tsitsiragos, IFC director for the Middle East, North Africa and Southern Europe, said, “IFC’s investment will help increase competition in Egypt’s construction sector, and improve environmental standards in an industry that is critical to the development of the country’s infrastructure and housing sectors.”
