Beirut, Lebanon, July 17, 2024— IFC, a member of the World Bank Group, is providing a $15 million loan to MAN Enterprise Group, an engineering, procurement, and construction Group headquartered in Luxembourg and operating in MENA and Europe, through its subsidiaries MAN Holding Limited and MAN Holding sal. The loan will help the group grow its operations across the Middle East and Africa, supporting private sector development and job creation.
It will also help the group undertake new projects to establish its presence in different countries, build its internal capacity for climate-friendly technologies, and improve its gender inclusion practices.
The conflict in the Middle East has been affecting countries in the region including Lebanon, a country that has already grappled with several economic challenges over the past few years. Unemployment is at the forefront of these challenges, especially among Lebanese youth and women. According to estimates by the International Labour Organization, almost half of Lebanon's youth are unemployed (47.8 percent) with women facing even greater difficulty finding jobs.
"IFC's support is a vote of confidence not only in our Group but also in the potential of Lebanon's private sector as an engine for growth," says Patrick Abi Nader, CEO of MAN Enterprise. "Aside from the financing, we will work with IFC on greening our operations and addressing gender gaps in our workforce to unlock a more diverse pool of talents that are critical to our success."
The construction industry is a major global driver of employment. In 2020, it contributed 13 percent of total employment in the Middle East and North Africa region. In addition to its investment, IFC will also work with MAN Holding in Lebanon to improve its gender inclusion by providing childcare solutions for working parents. This will help attract and retain women in the workforce and increase their participation in the recovery of the economy. This will be achieved as part of the Care Arabia program, a World Bank Group regional initiative that IFC is leading.
"Despite Lebanon's challenging environment, IFC has been selectively eyeing opportunities to support the Lebanese private sector through South-South investments to preserve jobs and help the economy at a critical time," says Ashruf Megahed, Regional Industry Head of Manufacturing, Agribusiness and Services for the Middle East, Central Asia and Türkiye. "Investing in a local market leader like MAN Enterprise will help the company gain access to corporate capital complementary to its standard financing, improve sustainable and inclusive practices, and become more resilient to economic downturns."
IFC's financing is aligned with the World Bank Group strategies for both the Middle East and Africa, which aim to promote job creation through accelerated private sector growth, competitiveness, and sustainable green growth.
For over 50 years, IFC has been a steadfast partner of Lebanon, backing the country's private sector with investments and advice across different areas, including finance, manufacturing, construction, retail, and ICT, aiming to boost competitiveness and help create more jobs and greater opportunities – especially for women, youth, and the most vulnerable communities. Since 2005, IFC has invested more than $920 million in Lebanese firms, deploying $603 million from its own account and mobilizing $317 million from other partners, enabling the creation and maintenance of more than 40,000 jobs, out of which, more than 7,000 are held by women.
About IFC:
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2023, IFC committed a record $43.7 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of global compounding crises. For more information, visit www.ifc.org
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About the Care Arabia Initiative:
A regional World Bank Group initiative which is led by IFC and aims to improve women's economic participation in Jordan and Lebanon by providing access to safe and affordable childcare services. The three-year initiative aims to address gaps in the childcare sector by supporting the growth and sustainability of nurseries, and helping companies provide childcare solutions in the workplace for working parents. The initiative is made possible in partnership with the government of the Netherlands and is supported by the World Bank Group's Mashreq Gender Facility.
About MAN Enterprise Group:
Established in 1971, MAN Enterprise Group and its subsidiaries MAN Enterprise, Metrix, Tecman Industry, Hausman, and Mondis have built a diverse portfolio of results for clients in the public and private sectors covering 13 countries. Together, this group of companies offer client partners a global force that helps them overcome challenges in general contracting, electromechanical services, wood & steel manufacturing, oil & gas, utility services, renewable energy solutions, and solid waste and facility management.
