International Finance Corporation (IFC), the private investment arm of the World Bank, plans to invest $25 million in Carbon Holdings Limited, an Egyptian downstream petrochemical producer, said a report.

IFC is the largest global development institution focused on the private sector in emerging markets, working with more than 2,000 businesses worldwide.

The investment is in line with the corporation’s strategy to support local entrepreneurs and increase their access to capital, helping boost investors’ confidence and bringing about growth in Egypt, Mouayed Makhlouf, IFC director for the Middle East and North Africa (Mena), was quoted as saying a Daily News Egypt report.

He added that Egypt relies on importing petrochemical products, despite having the raw materials required to turn the country into an exporter, creating local downstream manufacturing capacity and new employment opportunities in the process.

Makhlouf noted that Carbon Holding Limited currently employs more than 500 people, and is seeking the funds required to finance the building of Tahrir Petrochemicals Complex in Ain Sokhna.

The Tahrir Petrochemical Complex, with $7 billion worth of investments, is scheduled to be completed by 2019 and will reduce Egypt’s dependence on imported petrochemicals, added the report.