Metito Gets IFC Backing for Middle East, Africa Water Projects

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Mar 2021
Africa and the Middle East, March, 13 2021 - This is part of IFC’s $8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the coronavirus pandemic. Metito is the first company in the infrastructure sector across the Middle East and North Africa to benefit from this facility.

International Finance Corporation (IFC) is backing existing portfolio company Metito, a Dubai-headquartered water and alternative energy management services company, with a financing package.

The World Bank’s private-sector investment arm said it will provide a $20 million package to improve access to clean water and wastewater services in several countries across the Middle East and Africa.

IFC’s financing will provide Metito with additional liquidity and working capital. This will help the company extend the accessibility of drinking water, improve wastewater treatment infrastructure, reduce waste costs, and decrease health risks in key water-stressed markets where it operates.

This is part of IFC’s $8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the coronavirus pandemic. Metito is the first company in the infrastructure sector across the Middle East and North Africa to benefit from this facility.

“IFC’s facility will help strengthen the resilience of the water and wastewater management sector and support our growth and expansion, especially in developing mega projects in the Middle East and North Africa,” said Wafic Ghanem, CFO of Metito Group.

Metito’s core markets are in the Middle East and North Africa. It is also expanding in Sub-Saharan Africa, where it already operates the Kigali bulk water supply project, providing clean water to the Rwandan capital.

Beatrice Maser, IFC’s regional director for the Middle East and North Africa, said that the institution has supported Metito for over a decade and the fresh funding will “strengthen the financial resilience” of the company.

IFC is one of the external shareholders of Metito, along with Japan’s Mitsubishi Corp and Mitsubishi Heavy Industries.

Metito employs over 3,500 people globally. It has operations covering three business areas: design and build, specialty chemicals, and utilities. Its project portfolio spans more than 46 countries.



 

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