Washington, D.C., July 20, 2010—IFC,
a member of the World Bank Group, has agreed to invest $20 million in Metito
Utilities Limited to support access to basic water supply and sanitation
services in water-stressed regions of China and the Middle East and North
The deal, structured by IFC and NBK
Capital - GSC Mezzanine Fund I, is the first of its kind in the Middle
East. NBK Capital also plans to invest $20 million in Metito Utilities,
helping strengthen the company’s capital structure.
The investment promotes private sector
participation in financing the expansion, rehabilitation, and maintenance
of water and wastewater treatment projects in China and the Middle East
and North Africa. This will help reduce the contamination of local
water resources through the discharge of untreated water.
“This unique deal confirms the strength
of Metito’s business model and supports our progress toward becoming a
listed company, demonstrating the expansion of our investor base,” said
Rami Ghandour, Executive Director of Metito Utilities. “IFC has
been an excellent supporter of Metito in the past and was key in developing
the structure of this investment. NBK Capital brings expertise as
the only dedicated mezzanine fund in the Middle East and North Africa region.”
Metito Utilities has been an IFC client
since 2007. The company is already active in the water reuse sector
in the Middle East and North Africa and China.
Michael Essex, IFC Director for the
Middle East and North Africa, said, “We are very pleased to expand our
partnership with Metito to capitalize on growth opportunities in the water
sector in China and the Middle East and North Africa. Reducing the
water supply-demand imbalance is one of IFC’s key priorities in these
IFC’s support for Metito Utilities,
an established regional player, underscores the commitment to developing
the water sector, a priority focus for China and the Middle East. IFC
has been working to extend reach and access, while reducing scarcity in
the water sector since 1993.
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing capital for private enterprise,
and providing advisory and risk mitigation services to businesses and governments.
Our new investments totalled $14.5 billion in fiscal 2009, helping channel
capital into developing countries during the financial crisis. For more
information, visit www.ifc.org.
About Metito Utilities
Metito Utilities is part of Metito Group.
Founded in 1958, Metito is a leading international company that provides
desalination, water supply, and wastewater treatment projects and services.
It serves a global client base in Africa, Asia, and Europe with engineering,
design, plant manufacturing, and chemical production facilities in the
United Arab Emirates. Metito Utilities is responsible for managing the
Metito Group’s investment in water and wastewater assets, particularly
build-own-operate, transfer-own-operate, and full concessions projects.
For more information, visit www.metito.com.