International Finance Corporation (IFC), a member of the World Bank Group, is investing in a 20 per cent equity stake in Egypt-based Sphinx Glass, to boost the glass manufacturing sector in the region.

Sphinx Glass is a subsidiary of Saudi-based Construction Products Holding Company (CPC).

The investment will enable Sphinx Glass to optimise production, improve its energy efficiency and create more jobs, as well as boost the development of Egypt’s industrial infrastructure, said a statement from the company.

The company is a key supplier of float glass to Egypt’s construction sector, and a significant regional and international exporter, it said.
 
The investment is part of World Bank Group’s 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 (Mena), it added.

Between fiscal years 2011 and 2015, IFC’s investments in Egypt totaled close to $1.2 billion, including mobilisation, said the statement.

Those investments covered 18 projects across a host of sectors, including financial markets, infrastructure, oil and gas, agribusiness, manufacturing, and health care, it added.

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 continues to execute on our international expansion strategy, capitalising on increasing demand for building materials and glass in Egypt and Africa,” he said.

Nada Shousha, IFC’s 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 confidence in the country, and send a positive message to international and domestic investors,” she added. – TradeArabia News Service