MEG (IFC-37095)

  • Egypt
Where the impacts of the investment may be experienced.
Specific Location
Nasr city, Sadat city, Moustord
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Bank Risk Rating
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Feb 21, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
The holder of the loan, grant, or other investment.
  • Industry and Trade
  • Technical Cooperation
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 3, 2020

Disclosed by Bank Aug 26, 2019

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Project Description

According to bank documents, the IFC project under consideration will refinance Middle East Glass Manufacturing Company’s (MEG)existing long-term loans, denominated in both EGP and US$, and the ongoing capital expenditures program, including three major furnace rebuilds, resource efficiency improvements and the operational streamlining of the cullet processing operation.

Investments under the Project will be made in the Group’s three operational facilities in Egypt: (i) MEG plant, situated in Nasr city, constructed in 1983, with one furnace totaling 84,963 tons per annum capacity for flint and green color, (ii) MEG Sadat, in Sadat city, constructed in 2007 and acquired by MEG in 2014,  with two furnaces totaling 71,158 tons per annum capacity, for flint and amber color; and (iii) MGMG plant, situated in Moustord, constructed in 1968 and acquired by MEG in 2016 with three furnaces totaling 105,093 tons per annum in capacity for flint, green and amber color. 

The IFC Resource efficiency team is also working with the client on potential energy and water savings through the implementation of an advisory project focusing on implementing several changes in its process to save energy and increase cullet use.

Investment Description
  • International Finance Corporation (IFC)

IFC is considering a proposed IFC financing of US$100 million in total including the following: (i) IFC A loan of US$30 million; (ii) IFC Trust fund loans of up to US$45 million, comprising of a US$22.5 million MCPP HKMA Loan and an additional US$22.5 million MCPP SAFE Loan; and (iii) B Loan/Parallel loan of up to US$25 million.   

In addition to IFC funds of US$100 million, the Group will contribute up to US$26 million from internal cash generation, bringing total Project costs to US$126 million. The uses of funds are as follows: US$67 million for the refinancing and US$59 million for capex.

Private Actors

Middle East Glass Manufacturing Company is listed in the Egypt Stock exchange since 2002. The majority shareholder with 51.4% is MENA Glass Holding, a Cayman based investment vehicle for Mr. Abdulgalil Besher. He hails from a prominent Yemeni merchant family and is currently the sole owner of MENA Glass Holding.

Gulf Capital has a shareholding of 35.9% in the business through two of its investment funds (MTM Packaging 1 & 2). Gulf Capital is one of the largest alternative investment firms in the Middle East, managing US$4 billion across ten funds and investment vehicles. 

Contact Information

Mrs. Sherine Hemely 
Group CHRO 
002 012 2 248 5500 
6,Mokhayam Daem St.,6th District, Nasr City, Cairo, Egypt.


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