Egypt-based glass containers maker Middle East Glass Manufacturing (MEG) has secured approximately $100m in funding from IFC, a member of the World Bank Group.
The deal is aimed at supporting the capital expenditure programme of the packaging firm, creating new jobs, and strengthening Egypt’s manufacturing sector.
MEG will use the investment to increase glass containers’ production, expand its presence globally, and grow its annual exports. It currently offers containers to various companies in the beverage and pharmaceutical industries.
MEG’s shareholder Gulf Capital CEO Dr Karim El Solh said: “We have worked closely with the IFC across a number of transactions and, most recently, to finance MEG’s continuous expansion plans.
“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.
“The company today has state-of-the-art production facilities and a strong management team, and is well positioned to continue its impressive growth trajectory.”
The advisory services arm of IFC will also assist MEG in reducing energy consumption and greenhouse gas emissions.
Established in 1979, MEG operates six furnaces, 17 production lines across three locations in Egypt and 10 decorating machines. It has a total capacity of 1,050t per day (TPD).
The company’s manufacturing is based in Nasr City, Sadat City, and Mostorod. It offers glass bottles in three colours, including flint, amber and green.