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IFC, a member of the World Bank Group, is investing in a 20 percent equity stake in Egypt-based Sphinx Glass, to boost the glass manufacturing sector in the region, support the company'sexpansion, and spur job creation and growth.
Sphinx Glass is a subsidiary of Saudi-based Construction Products Holding Company (CPC). The IFC investment will enable Sphinx Glass to optimize production, improve its energy efficiency and create more jobs, as well as boost the development of Egypt's industrial infrastructure. The company is a key supplier of float glass to Egypt's construction sector, and a significant regional and international exporter.
Mu'tazSawwaf, Vice Chairman of CPC said: "IFC will play a strong role as an equity partner helping a regional player in its expansion plans in Egypt. We aim to build a long term relationship with IFC, as we continues to execute on our international expansion strategy, capitalizing on increasing demand for building materials and glass in Egypt and Africa."
The investment is part of World Bank Group strategy in Egypt to boost job creation through the manufacturing sector and promote energy efficiency improvement initiatives. It will also strengthen regional integration through a South-South investment, a key pillar of IFC's strategy in the Middle East and North Africa.
Nada Shousha, IFC Country Manager for Egypt, Libya and Yemen, said: "Creating new jobs and strengthening the manufacturing sector, particularly in an area that can boost exports, is vital in this period of transition for Egypt. We hope this investment will also help restore investor confidence in the country, and send a positive message to international and domestic investor".
Between fiscal years 2011 and 2015, IFC's investments in Egypt totaled close to $1.2 billion, including mobilization. Those investments covered 18 projects across a host of sectors, including financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and health care.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development.
For more information, visit :www.ifc.org
About (CPC):
Construction Products Holding Company (CPC) is a dynamic and reputable entity possessing a wealth of global experience in construction products serving elite clients. CPC's head office is in Jeddah, with branches in Riyadh, Bahra, Dammam, Damascus, Abu Dhabi, Dubai, Sharjah, Cairo, Doha and Casablanca.
Under the professional and experienced staff, our branches specialize in vital elements for any construction project including Steel, Marble, Granite, Precast Concrete, Glass, Adhesives, Ready Mix, Electric Cables, Electro mechanic, Aluminum, and Wood Products and a rental equipment company.
Together they provide the industry with all their requirements from one industrial park.
By implementing these strategic principles along with the National Industrial Strategy of Saudi Arabia, it represents a conscious effort to fulfill our vision of.... "Your Complete Building Solution"
For more information on CPC:
Please contact Mr. Saleh Fareed
Perspective International
E-mail :saleh@perspectiveintl.com
Mobile : +966 5054611745
© Press Release 2015
