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Cairo, Egypt, November 29, 2015—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’s expansion, 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'taz Sawwaf, 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 continue 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 investors.”
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 the largest integrated supplier of building materials and construction support services in the KSA and the Middle East. CPC, established in 1982, is a Saudi Closed Joint Stock Holding Company with its head office in Jeddah and part of the Saudi Binladin Group. For more information, visit
www.cpcholding.com
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