October 07, 2008

EIB to grant EUR 12.5 million loan to Safal Steel

It is reported that the European Investment Bank is lending EUR 12.5 million to Safal Steel to support the establishment of a Greenfield metal coating production facility at Cato Ridge in KwaZulu Natal of South Africa.

The bank said that the project will impact positively on the economic and social conditions of South Africa and the other African countries in which the group is active.

The Safal Group is the leading manufacturer and distributor of steel used for residential roofing in Africa and a major exporter to other continents.