Middle East Glass Company may receive loan of USD 100 mn from IFC

The Middle East Glass Manufacturing Company (MEG) is in talks with the International Finance Corporation (IFC) over a USD 100 mn loan to refinance some of its debts and finance its capex plans, the IFC said in a disclosure. MEG is also expected to contribute USD 26 mn from internal cash generation, bringing the total amount of financing to USD 126 mn. The company will then use USD 67 mn to refinance its debt and USD 59 mn for capex, which includes “three major furnace rebuilds, resource efficiency improvements and the operational streamlining of the cullet processing operation.”