Mostafa Khairat, the CEO of BariQ for the recycling of post-consumer PET — affiliated to the Intro Holding Group — has revealed that the company plans to add two new production lines in the company’s factory, with investments amounting to EGP 400m.
Khairat told Daily News Egypt on the side-lines of a conference held by the company to announce its expansions that investments will be pumped during the current year so that the factory will be ready before the United Nations’ Conference of Parties on Climate Change (COP 27), pointing out that the financing will be provided through international and local banks.
He explained that the financing will be through the European Bank for Reconstruction and Development, the British CDC, HSBC, and the Commercial International Bank, pointing out that local and international institutions are interested in financing green projects.
Khairat also pointed out that the recently added two lines in the company’s factory increased the maximum capacity from 30,000 tonnes to 60,000 tonnes annually, and that additional lines are expected to be added soon.
Furthermore, he stressed that financing through the issuance of green bonds is one of the company’s plans during the coming period.
He also revealed that the company seeks to penetrate the African market during the next year by establishing a new project, pointing out that the company was looking for strategic partners during the last period to expand in Africa.