BCI Holding receives US$30mn from IFC to aid its expansion drive-in Africa
BCI Holding SA is set to receive a US$30mn financing package from IFC to further expand its production in Algeria, Egypt, and Nigeria, creating hundreds of direct and indirect jobs.
BCI is a regional manufacturer and distributor of polyurethane (PU) raw materials, systems, and specialties with headquarters in the UAE.
IFC’s will support the company’s expansion of its existing production facility in Egypt and the commissioning of new factories in Algeria and Nigeria.
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The financing will help BCI develop regional supply chains for polyurethane, a versatile product used in insulation, footwear, packaging, and other industries.
BCI’s signature technology, used to convert recycled scrap PET into polyester polyol for insulation, has the potential to support circular economy initiatives, which are aimed to build resilience, generate business and economic opportunities, and provide environmental and societal benefits.
“Our group has been able to survive and prosper over the past 64 years, despite the challenges in the region, primarily due to our commitment to a holistic view of what constitutes a true positive bottom line,” said Dr. Ihsan Baalbaki, founder and chairman of the Group.
“Businesses we invest in and develop must not only be economically feasible but also socially beneficial and environmentally friendly.”
“The capacity of the PU industry to create meaningful and sustainable job opportunities and add to the Middle Eastern industries’ local content capabilities explains why we continue to invest passionately in it. We are confident our partnership with IFC will further amplify our business’s capacity as a force for good.”
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Expansion of the production facility in Egypt and building of the two additional factories in Algeria and Nigeria is expected to produce more than 80 direct jobs and several hundred indirect jobs in the supply chain and through the employment multiplier effect.
“With the right financing and support, private businesses like BCI Holding SA can create much-needed jobs and drive a green and resilient economic recovery from COVID-19, which has had a profound impact on the Middle East and Africa,” said Ashruf Megahed, IFC’s Regional Industry Manager for Manufacturing, Agribusiness, and Services in the Middle East and North Africa.
The partnership between IFC and BCI Holding SA is part of IFC’s strategy to combat poverty and create jobs by supporting the growth of the private sector in the Middle East and Africa.
With the new factories across Africa, the project will also help strengthen regional integration and technology transfer, and the development of regional supply chains.
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