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.
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.
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.