International Finance Corporation (IFC) has announced that it will provide a loan of up to $100 million to Bangladesh-based steelmaker Meghna Re-Rolling and Steel Mills Limited (MRSL).
Accordingly, the IFC loan will support MSRL’s plans to build a new electric arc furnace (EAF)-based steel plant with a melting capacity of 1.4 million mt per year and a rolling capacity of 900,000 mt per year.
Moreover, the project will allow Bangladesh to advance circularity in the domestic steel sector and reduce the carbon footprint of finished products, since the production is based on the EAF method, which will use over 90 percent scrap as input.
