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CAIRO – 2 April 2019: The International Finance Corporation (IFC) announced Monday financing up to $100 million in Middle East Glass Manufacturing Company (MEGM).
IFC clarified in a statement that this finance is to support the firm’s capital expenditure program, create new jobs, and boost Egypt’s manufacturing sector.
The statement noted that this finance will help MEG ramp up production of its containers, expand its international footprint and continue to grow its annual exports, expand locally, and create and preserve thousands of jobs.
“The financing package is part of a larger effort by IFC to support Egypt’s manufacturing sector, which is a major employer and, through exports, a key source to foreign currency,” it read.
Upon the financing package, IFC’s advisory services arm will help MEG substantially reduce its energy consumption and greenhouse gas emissions. The statement clarified that this is part of an IFC push to bolster resource efficiency in the manufacturing sector and help companies compete internationally.
The financing protocol was signed by IFC Global Director for Manufacturing, Agribusiness and Services Tomasz Telma, on behalf of IFC and Abdel Galil Beshr, Chairman of MEGM.
IFC Global Director for Manufacturing, Agribusiness and Services Tomasz Telma said that their strategy in Egypt focuses on investing in companies with strong export potential, which boosts the local economy and helps create jobs.
“Supporting a leading Egyptian manufacturer, like MEG, will ensure it continues to contribute to Egypt’s economic development,” Telma added.
Egypt’s Minister of Investment Sahar Nasr said that manufacturers like MEG are a crucial part of Egypt’s economy.
“Not only are they creating jobs and opportunities locally, but by branching out internationally, they are demonstrating the attractiveness of the Egyptian business environment and that Egyptian companies have the potential to make a mark on the world,” She added.
For his part, Chairman of MEG, Abdel Galil Besher said: “This investment is a testimony to our talented, high-performance workforce led by a disciplined, innovative management team who continues to drive our 38-year journey and constantly transform the business by providing all of our customers, in Egypt and in our export markets, with superior service and high-quality, competitively priced products.”
In fiscal year 2018, IFC invested $1.5 billion in Egypt’s private sector to help create jobs, improve local infrastructure, and boost economic growth. That figure, which includes funds mobilized from other investors, represents a record for IFC in Egypt. The investments have been geared towards helping private sector companies grow, expand and create jobs.