Metito lands US $70 million investment
Money will fund forays into Africa and Asia.
IFC, a member of the World Bank Group, has arranged up to $70 million in financing for Metito, a Dubai-based provider of wastewater management technology.
IFC will provide $50 million in loans and has arranged a further $20 million loan to the company from the German development finance institution, DEG — Deutsche Investitions und Entwicklungsgesellschaft mbH.
The investment will allow Metito to fund water treatment projects in water stressed countries across Africa and Asia. This will help increase the availability of drinking water, improve wastewater treatment infrastructure, reduce waste costs, and decrease health risks to local communities.
“This loan will enable Metito to continue to provide quality water treatment solutions that will help develop the water and wastewater sector in arid regions,” said Rami Ghandour, Metito managing director. “It will also allow us to pursue further growth, both organically and inorganically, in emerging and frontier markets.”