IFC invests in Lebanese firm to enable expansion |
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18 July 2008
BEIRUT: The International Finance Corporation (IFC)International Finance Corporation (IFC)
, the private arm of the World Bank, acquired Thursday a minority share in a leading Lebanese construction company. According to a statement, The IFCIFC invested $15 million in Butec Group to enable the Lebanese firm to expand its operations in the Middle East and North Africa.
IFCIFC also supports Butec's strategic objective to list publicly on Beirut Stock ExchangeBeirut Stock Exchange. "We appreciate IFCIFC's financial support and advisory. IFCIFC's long term funding will help us reach the next level of growth, facilitating our geographic expansion across the region," said Butee CEO Nizar Younse. He added that in addition to creating jobs, Butec would engage with the local community by helping develop public and commercial infrastructure such as roads, airports, water and sanitation services and utilities in Algeria, Lebanon, Qatar and the UAE.
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