- US$ 20 million loan to Hassan Allam Holding (HAH) to support the construction and utilities sectors
- HAH to acquire stakes in engineering, contracting and utilities companies
- EBRD to support development of employees’ skills
The Egyptian construction sector will receive a boost with a US$ 20 million loan by the EBRD to Hassan Allam Holding (HAH), a joint stock company and one of the largest and oldest construction groups in Egypt and the southern and eastern Mediterranean (SEMED) region.
The EBRD’s loan will help HAH expand into the country’s growing water and wastewater treatment sector by acquiring specialised companies in engineering and water desalination.
“Hassan Allam Holding is a construction and engineering company that is making a commitment to do better by the environment. Yes, we’re adopting principles of sustainability. But we’re also expanding our business offering by adding green utilities to our core activities. With the support of the EBRD we will accelerate this expansion by investing in the water space,” said Amr Allam, CEO of HAH.
HAH’s current activities include engineering and construction, the production of building materials and utilities investment and development. These acquisitions are a major extension to its offerings in water desalination, water and wastewater treatment in Egypt and the region.
The EBRD will also support HAH in its efforts to employ more young people and invest in training for its employees.
Jurgen Rigterink, EBRD First Vice President, said: “We are very happy to support Hassan Allam Holding in its expansion into new sectors of high significance to the country and the Egyptian people, namely water treatment and desalination. This project will also help develop the right skills that are in demand in the sector.”
Egypt is a founding member of the EBRD. Since the start of its operations there in 2012 the Bank has invested over €5.5 billion in 102 projects in the country. In 2018 Egypt was the EBRD’s largest economy in which it invests, in terms of new commitments.