The IFC is considering an investment of US$22.8 million for a 20% equity stake in Sphinx Glass, an Egypt-based float glass manufacturer. According to the Summary of Investment Information posted on the IFC’s website, the investment will help the glass manufacturer, which is 100% owned by Construction Products Holding Company, achieve its expansion plans in Egypt. The investment will also allow the IFC to start building a long-term relationship with the glass manufacturer as it looks to expand in a number of key sectors in Africa.
In addition to the proposed equity investment, the IFC will help Sphinx improve its environmental, health and safety standards by ensuring compliance with the DFI’s own standards. The IFC will also be actively engaged with the company and its plan to enhance its production process to improve its energy efficiency, especially important in light of the rising levels of utility prices. The strong underlying dynamics of the business, the sector and the region are key criteria in the IFC’s decision to consider this investment.