Abyssinia Group of Industries (AGI), a leading East African steel producer, is poised for significant expansion owing to a proposed investment from the International Finance Corporation (IFC) which is considering a financing package of up to 50 million dollars, including parallel loans in local currency. Headquartered in Kenya, AGI operates two steel plants in Ethiopia, six in Kenya, and has mining activities in Uganda.
AGI currently produces 660,000 metric tons of steel annually and employs approximately 3,640 workers across its operations.
The IFC’s review included site visits and thorough assessments of environmental, health, safety, and social aspects. As part of the project, AGI will implement several measures to align with IFC Performance Standards, including environmental and social management systems and conducting environmental and social impact assessments. IFC will also require AGI to undertake a labor audit to assess compliance with labor laws and IFC standards.
The project is pending approval by the IFC Board of Directors.
