Technical review supports investment decision
Expertise provided for the World Bank Group by UK-based Glass Technology Services has helped secure a US$100 million finance package for Middle East Glass Manufacturing. The funding will allow MEG, one of the largest glass manufacturers in the Middle East and North Africa, to ramp up glass container production, helping the company to expand its international footprint and continue to grow exports. It will also substantially reduce energy consumption and greenhouse gas emissions.
The package has been provided by the International Finance Corp, a member of the World Bank, following technical consultancy services from Glass Technology Services. The IFC was looking to invest in MEG and needed to understand the company’s technical capabilities, market potential and investment requirements in-depth, in order to complete its due diligence.
Glass Technology Services specialists were asked to provide a full due diligence and technical review of the company’s glass container manufacturing operations in Egypt. The team also undertook a review of the market, how well the company’s products were selling and the potential for export, working with the IFC team to review wider factors such as energy costs, export and import data and the company’s strengths and weaknesses.