IFC to invest, provide loan to Egypt's OCI

The International Finance Corporation (IFC), the World Bank's private-sector lending arm, said on Friday it would make a $50 million equity investment in Egypt's Orascom Construction Industries (OCI) to help create jobs and spur investment.

The IFC also said it would lend $200 million to Egyptian Fertilizer Co, a subsidiary of OCI, which is Egypt's biggest listed company.

"[The] loan and equity investment package ... will support Egypt's Orascom Construction Industries and help stimulate foreign direct investment in Egypt, while creating jobs and supporting inclusive growth," the IFC said in a statement.

IFC also said it will help mobilize another $200 million from other lenders, adding that the funds to the fertilizer business would help support agricultural production during a time of rising global need for food security.