MEG (IFC-37095)

  • Egypt
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Feb 21, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.

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 Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

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. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Gulf Capital Investor -
- - - - Middle East Glass Manufacturing Company Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

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


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at You can learn more about the CAO and how to file a complaint at

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