IFC finances Egyptian manufacturer of sanitary ware and ceramic tiles
The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has agreed to provide a $15 million loan to Lecico Egypt, a leading sanitary ware and ceramic tiles manufacturer, headquartered in Alexandria.
The company plans to use IFC financing to expand its production capacity in Egypt and to improve its balance sheet structure, stated a press release. Lecico Egypt was established in 1975 by the Gargour family of Lebanon. Since 1997, one of its major shareholders has been the Sanitec Group, the leading manufacturer of bathroom ceramics and shower products in Europe.
Lecico Egypt and its subsidiaries are the largest producer and exporter of sanitary ware in the Middle East, with a production capacity of four million pieces per annum in Egypt and one million in Lebanon. It is also one of the leading ceramic tile producers in the Middle East, with a production capacity of 13 million square meters per annum in Egypt and 1.3 million square meters in Lebanon. — (menareport.com)
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