IFC extends $100m debt capital to Egypt’s Middle East Glass Manufacturing Co

IFC/World Bank HQ. Photo: IFC

The International Finance Corporation (IFC), a member of the World Bank Group, is extending up to $100 million as a debt investment in Middle East Glass Manufacturing Company (MEG), a manufacturer of glass containers from Egypt, according to an announcement.

Founded in 1983, Cairo-headquartered MEG targets both the local and overseas markets and currently exports to about 50 countries.

MEG will deploy the proceeds to boost its production capacity and expand its international footprint.

“The strategy of expanding the company aggressively across new geographies and into new product lines has firmly positioned MEG as a leader in the glass market in the Middle East and Africa,” said Tomasz Telma, IFC global director for manufacturing, agribusiness and services.

By partnering with IFC, MEG expects to experience from an improved capital expenditure programme and create new jobs as part of IFC’s support to the manufacturing sector of Egypt, said Dr Karim El Solh, chief executive officer of Gulf Capital, a main shareholder in MEG.

Solh said, the investment from IFC reflects an increased confidence in the broader Egyptian economy, which saw a 5.3 per cent growth in real GDP in 2018, an increase from 4.2 per cent in 2017.

In Egypt, IFC’s looks at investing in companies that have a strong export potential. During the 2018 financial year, IFC’s commitment in Egypt topped $1.2 billion.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.