Egypt-based Middle East Glass Manufacturing Company (MEG) has secured $100m funding from the World Bank Group member International Finance Corporation (IFC).
Image: The Middle East Glass Manufacturing Company produces container solutions for different applications. Photo: courtesy of Paul / FreeDigitalPhotos.net.
IFC is providing the financing to MEG to support its capital expenditure program, generate new jobs and advance the manufacturing sector in the country.
The company will use the debt financing package to expand its production capacity of containers, which are used by various firms ranging from beverage makers to pharmaceutical firms.
IFC’s financing will also support MEG to expand its international operations and increase the annual exports.
IFC said the financing package is part of its larger effort to support Egypt’s manufacturing sector.
Egypt Investment and International Cooperation Minister Sahar Nasr said: “Manufacturers like MEG are a crucial part of Egypt’s economy.”
In 1979, MEG was established as the first privately owned glass manufacturer in the Egyptian market.
With a total capacity of 1,050 TPD, the company has six furnaces, 10 decorating machines and 17 production lines across 3 locations in Egypt. It has manufacturing facilities in Nasr City, Sadat City and Mostorod.
The company produces various containers solutions, including food jars, specialty bottles, carbonated bottles, juice and pharma container solutions.
In 2011, MEG purchased a 60% stake in MEDCO Plast to diversify its packaging platform and enter the PET market. The firm again exited from MEDCO Plast in 2018 to focus on glass containers manufacturing.
In 2014, the company acquired Wadi Glass to increase its capabilities in the glass food and juice segment. In the same year, the private equity company Gulf Capital purchased a 39% stake in MEG, enabling to further meet the company’s strategic expansion requirements.
MEG chairman Abdul Galil Besher 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.”