IFC and NBK Capital back water treatment expansion in MENA.
Metito, a water and wastewater treatment specialist, has secured a US$40mn investment that it hopes will provide greater access to basic water supply and sanitation services in parts of the Middle East, North Africa and China.
The company’s investment arm, Metito Utilities, received US$20mn from the World Bank, through its IFC subsidiary, with the same amount provided by NBK Capital’s GSC Mezzanine Fund I.
The investment will finance the expansion and maintenance of water and wastewater treatment projects, which reduce contamination of local water resources from untreated water.
Metito executive director Rami Ghandour says securing these funds in the current climate shows the strength of the company’s business model. “IFC has been an excellent supporter in the past and was key in developing the structure of this investment. NBK Capital brings expertise as the only dedicated mezzanine fund in the Middle East and North Africa.”
Michael Essex, the IFC’s director for the Middle East and North Africa, adds that the investment will capitalise on the opportunities in the water sectors of the emerging regions. “Reducing the water supply-demand imbalance is one of IFC’s key priorities in these areas.”
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