Metito seals $30mn loan
Bank of China and IFC help expand essential water services in MENA.
Metito has clinched a $30mn loan from the IFC and Bank of China to expand its footprint in the Middle East, North Africa (MENA) and Asia.
The Dubai-based water management firm will use the syndicated loan to grow its portfolio of projects to increase the availability of drinking water, improve wastewater treatment infrastructure, reduce waste costs, and decrease health risks to local communities.
“With support from IFC and Bank of China, we’ll be able to embark on new projects, providing quality water treatment solutions in water scarce areas,” said Rami Ghandour, Metito Managing Director.
“Access to water is a fundamental challenge to economic development and growth,” said Chunyan Cai, SEO of Bank of China Middle East (Dubai) Limited.
“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.”
IFC, the private sector arm of the World Bank, provided Metito with a $50mn loan in June last year and arranged another $20mn loan from the German development finance institution, DEG, to strengthen the company’s capital structure and support its expansion.
As well as MENA, Metito is active in Indonesia and China where it owns and operates six wastewater treatment plants with four more projects under construction.