Metito utilizes 50 per cent of IFC financing package value to boost its investments in Egypt
Metito, the multinational global provider of intelligent water management and alternative energy solutions, will employ 50% of the International Finance Corporation (IFC), a member of the World Bank Group, new financing package value to boost its investments in Egypt.
Metito will boost its investments in Egypt through developing more sustainable projects and new technologies by securing additional liquidity and working capital.
The $20 million financing package 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 pandemic. Metito is the first company in the infrastructure sector across the Middle East and North Africa to benefit from this facility.
The International Finance Corporation's financing package for Metito stems from confidence in the company's work in water treatment and commitment to implementing sustainability and the milestones it has achieved in all projects. IFC's financing will provide Metito with additional liquidity and working capital to help it 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.
Eng. Karim Madwar, Managing Director of Metito Africa, said: “IFC’s financing is well designed to support companies in critical sectors such as water to become even more resilient despite challenging global conditions. As we navigate these unprecedented times, we continue to provide lifeline water services, while exploring new technologies and strategies to overcome water scarcity”.
Madwar added: “ Boosting our investments through additional working capital and liquidity will be directly reflected in key African markets, especially in Egypt, in support of Metito's sustainable growth strategy to develop mega projects in the region.”
Metito’s core markets are in the Middle East and North Africa, the world’s most water-scarce region. The company is also expanding in sub-Saharan Africa, where it already operates the Kigali bulk water supply Public Private Partnership Project (PPP) project, providing clean water to Rwanda’s fast-growing capital city.
Metito's primary goal is to provide sustainable water treatment solutions in line with Egypt Vision 2030 in its social, economic, and environmental dimensions. The company works to boost its investments to improve the technology and sustainability across its projects and to expand its portfolio of mega fast track life line water projects in the country, which has a direct positive impact on improving the quality of life of the Egyptian communities being served by such projects.
Metito has over 60 years of experience, employs more than 3,500 employees, and has a well-established track record in developing, financing, operating, and managing water supply and wastewater treatment plants across Africa, Asia, and the Middle East, and a growing portfolio of water concessions in Eastern Europe.
