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IFC Financing Supports Expansion of Leading Construction Company in Lebanon


In Washington, D.C.:
Carmen Powell
Phone: +1 (202) 473-4982
E-mail:
CPowell@ifc.org

In Cairo:
Riham Mustafa
Phone: +20 2 2461 4230
E-mail: RMustafa@ifc.org


Beirut, July 17, 2008—IFC, a member of the World Bank Group, today signed an agreement to support Butec Group S.A.L. Holding, one of Lebanon’s leading construction companies. IFC’s investment will enable Butec to expand its operations in the Middle East and North Africa, generating direct and indirect employment opportunities.

IFC also supports Butec’s strategic objective to list publicly on a stock exchange. Through a $15 million investment, IFC will acquire a minority shareholding in the company’s share capital and will help improve its corporate governance and environmental and social standards. In addition to creating jobs, Butec will engage with the local community by helping develop public and commercial infrastructure such as roads, airports, water and sanitation services, and utilities in Algeria, Lebanon, Qatar, and the United Arab Emirates.  


“We appreciate IFC’s financial support and advisory services. IFC’s long-term funding will help us reach the next level of growth, facilitating our geographic expansion across the region,” said Dr. Nizar Younes, CEO of Butec.

“We are very pleased to partner with Butec in its efforts to expand its operations within the Middle East and North Africa and to help it integrating corporate governance best practices” said Michael Essex, IFC Director for the Middle East and North Africa.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About Butec
Founded in 1963 by Dr. Nizar Younes, Butec is a small, family-owned engineering procurement and construction company based in Lebanon. It also has operations in Algeria, Qatar, and the United Arab Emirates. The company focuses on five business sectors: Water and Environment, Oil and Gas, Industrial Facilities, Power, and Public Works.  Butec is the preferred local partner of choice for international engineering and contracting companies in the region.