Dubai, UAE, March 10, 2021— IFC, a member of the World Bank Group, announced a financing package to Metito, a leading global provider of water and alternative energy management solutions, to support improved access to clean water and wastewater services in several countries across the Middle East and Africa.
IFC's financing will provide Metito with additional liquidity and working capital to help it extend the accessibility of drinking water, improve wastewater treatment infrastructure, reduce waste costs, and decrease health risks in key water-stressed markets where it operates.
The $20 million package is part of IFC's $8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the pandemic. Metito is the first company in the infrastructure sector across the Middle East and North Africa to benefit from this facility.
"IFC's financing is well designed to support companies in critical sectors such as water to become even more resilient despite challenging global conditions. As we navigate these unprecedented times, we continue to provide lifeline water services, while exploring new technologies and strategies to overcome water scarcity," said Wafic Ghanem, Chief Financial Officer of Metito Group. "IFC's facility will help strengthen the resilience of the water and wastewater management sector and support our growth and expansion, especially in developing mega projects in the Middle East and North Africa."
Metito's core markets are in the Middle East and North Africa, the world's most water-scarce region. The company is also expanding in sub-Saharan Africa, where it already operates the Kigali bulk water supply project, providing clean water to Rwanda's fast-growing capital.
"Access to reliable and modern water and wastewater facilities is a development priority that supports improved health outcomes and greater prosperity and economic growth. This is especially important during the COVID-19 pandemic," said Beatrice Maser, IFC Regional Director for the Middle East and North Africa. "IFC has supported Metito for over a decade and the funding announced today will further strengthen the financial resilience of a key player in the sector."
Metito has over 61 years of experience, more than 3,500 employees, and has a well-established track record in developing, financing, operating, and managing water supply and wastewater treatment plants across Africa, Asia, and the Middle East.
The World Health Organization estimates that by 2025, half of the world's population will be living in water-stressed areas. Sustainable water management, coupled with large investments in water supply and treatment, are a necessity in order to increase the supply of clean water to the world's growing population.
About Metito
Metito is a global leader and provider of choice for total intelligent water management solutions with operations covering three business areas: design and build, specialty chemicals, and utilities. With over 60 years of experience, the Group provides customized, comprehensive, and advanced solutions across the full spectrum of its industry; from clean to dirty water; desalination and re-use; industrial solutions (up to hyper pure water); investing into water and wastewater assets; and structuring both Greenfield and Brownfield schemes under project finance structures. The Group also provides custom alternative energy development and management solutions for utilities and corporations looking to uphold sustainable operations through generating clean, emissions-free energy.
Metito successfully developed and executed thousands of projects across the world earning it the trust of market leaders and a reputation for professional excellence. The Group was the first to introduce the reverse osmosis technology for desalination outside the USA in 1972 and the first to pioneer concession contracts with private entities under Build Own Transfer (BOT), Build Own Operate (BOO), and Build Own Operate Transfer (BOOT) schemes in the Middle East, and under Public Private Partnership (PPP) agreements for bulk surface water supply concessions in Sub Saharan Africa.
The Group is at the forefront of the water and wastewater industry with an impressive project portfolio that includes more than 3000 projects in more than 46 countries managed by over 3000 experienced and talented employees worldwide in strategically located operational offices. For more information please visit metito.com or contact: reem.saleh@metito.com
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 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
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