Dubai, United Arab Emirates, April 23,
2014—IFC, a member of the World Bank Group, is arranging a $30 million
syndicated loan to a leading Dubai-based water and wastewater treatment
company, to help expand essential services in the Middle East and North
Africa (MENA) and Asia.
The investment, with Bank of China, will help Metito as it develops water
treatment projects across the MENA region and parts of Asia. This will
increase the availability of drinking water, improve wastewater treatment
infrastructure, reduce waste costs, and decrease health risks to local
“With support from IFC and Bank of China, we will be able to embark on
new projects, providing quality water treatment solutions in water scarce
areas,” said Rami Ghandour, Metito Managing Director.
Metito is headquartered in Dubai and is active throughout the MENA region,
Indonesia, and China. The company also owns and operates six wastewater
treatment plants in China, with four more projects under construction.
“Access to water is a fundamental challenge to economic development and
growth,” said Chunyan Cai, SEO of Bank of China Middle East (Dubai) Limited,
covering the MENA area. “With this long-term investment, which is hard
to obtain in challenging markets, Bank of China will help support Metito
as a leading provider of essential water and wastewater management solutions
in water stressed regions.”
In June 2013, IFC provided $50 million in loans to Metito and arranged
another $20 million from the German development finance institution, DEG,
to strengthen the company’s capital structure and support its expansion.
“This partnership demonstrates the potential for infrastructure investment
in MENA, one of the most water scarce regions in the world,” said Mouayed
Makhlouf, IFC Regional Director for the Middle East and North Africa. “Water
scarcity is a global concern and IFC will continue to help boost water
efficiency to meet the growing demand.”
This investment is part of IFC’s wider efforts to help companies expand
into emerging markets, to transfer knowledge and expertise and improve
access to essential infrastructure. Metito is the first company to
obtain long-term financing from Bank of China as part of the IFC B Loan
program, a syndicated loan structure that introduces new banking relationships
to the borrower.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit
Metito is the leading provider of intelligent water management solutions
in emerging markets, with operations covering three business areas: design
and build, specialty chemicals, and utilities. With over 50 years of operational
experience, the group provides customized, comprehensive and advanced solutions
across the industry. With a mission to sustain the world’s water resources,
Metito provides effective water management and treatment systems that can
reconcile an ever growing water demand and dwindling natural resources.
Committed to a cleaner environment, Metito uses its expertise to provide
millions of people across the globe with clean and safe water. Metito is
at the forefront of the water and wastewater industry with a current global
project portfolio in excess of $1 billion, and over 2,500 employees. For
more information, visit www.metito.com
About Bank of China Middle East (Dubai)
Bank of China Middle East (Dubai) Limited is a wholly-owned subsidiary
of Bank of China Limited, operating throughout the MENA region. Bank of
China was established in February 1912. As the most internationalized and
diversified bank in China, Bank of China provides a full range of financial
services in China’s mainland, Hong Kong, Macau and another 31 countries.
It mainly operates a commercial banking business including corporate banking,
personal banking and financial market business. It also conducts investment
banking business, insurance services, fund management services, direct
investment and investment management and aircraft leasing via its wholly-owned
subsidiaries. Bank of China ranked eleventh in terms of core capital among
the World Top 100 Banks in the British magazine The Banker in 2009. Bank
of China is the only developing world institution included on the list
of 29 global systemically important banks approved by the G20 summit.