Egyptian container glassmaker Middle East Glass Manufacturing Company (MEG) has secured a $100 million financial package to boost growth.
The debt financing package will help MEG ramp up production of its containers, which are used by a variety of companies, from beverage makers to pharmaceutical firms.
This will help MEG expand its international footprint and continue to grow its annual exports. It will also help the company expand locally and create and preserve thousands of jobs.
The package has been supplied by IFC, a member of the World Bank Group. 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.
Abdul Galil Besher, Chairman of MEG, 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.”
As well as the financing package, IFC’s advisory services arm will help MEG substantially reduce its energy consumption and greenhouse gas emissions.
That is part of an IFC push to bolster resource efficiency in the manufacturing sector and help companies compete internationally.