Beko Egypt's New Production Facility Receives EBRD Approval and $50 Million Funding
The European Bank for Reconstruction and Development (EBRD) disclosed its approval of a senior loan of up to $50 million for Beko Egypt Home Appliances Industries.
The funds are designated for financing the company's inaugural production plant, which is slated to be located in the industrial city within the 10th of Ramadan City.
Primarily, the loan will be directed towards the construction of the environmentally friendly home appliances manufacturing facility and the establishment of a research and development center.
Anticipated to launch operations in the first half of 2024, the new production facility will cover an extensive area of 114,000 square meters.
With investments exceeding $100 million, the plant aims for an annual capacity of 1.1 million units.
Notably, the ambitious project is poised to generate over 2,000 job opportunities, marking a significant economic impact on the region.
Source: Arab Finance