IFC, a member of the World Bank Group, is investing in a 20% equity stake in Egypt’s Sphinx Glass.
The investment aims to boost the glass manufacturing sector in the region, support the company’s expansion, and spur job creation and growth.
Sphinx Glass is a subsidiary of Saudi-based Construction Products Holding Company (CPC).
The company is a key supplier of float glass to Egypt’s construction sector, and a significant regional and international exporter.
The investment is part of World Bank Group strategy in Egypt to boost job creation through the manufacturing sector, and promote energy efficiency improvement initiatives.
Nada Shousha, IFC Country Manager for Egypt, Libya and Yemen, said, “Creating new jobs and strengthening the manufacturing sector, particularly in an area that can boost exports, is vital in this period of transition for Egypt.
“We hope this investment will also help restore investor confidence in the country, and send a positive message to international and domestic investor".