Cairo – Mubasher: International Finance Corporation (IFC), a member of the World Bank Group, has signed a $100 million coordination protocol with Egypt-based Middle East Glass Manufacturing Co (MEG).
This deal aims at funding MEG’s capital, providing new jobs, and improving the industrial sector in Egypt, according to a statement.
The protocol has been signed by Tomasz Telma, senior director of manufacturing, agriculture, and services at IFA, and MEG’s chairman Abdul Jalil Besher.
IFC, the WB’s private sector investment arm, seeks to invest in Egyptian firms that have solid exports, which will boost the national economy and help offer new jobs, Telma said.
He added that supporting MEG will ensure a constant contribution of the private sector in Egypt’s economic development.
Moreover, IFC will provide consulting services to the Egyptian firm in a bid to help it reduce energy consumption and diminish emissions to reinforce the efficiency of sources in the industrial sector and promote international competitiveness, Telma highlighted.
This investment will help MEG boost its production of glass containers used by several firms in many fields such as beverage and pharmaceuticals, he indicated.
IFC’s financing will also help MEG locally expand, offer new jobs, and maintain current employment, he added.
