IFC and Metito boost access to water services in Middle East and Africa
The International Finance Corporation has agreed a $20 million package to Metito, a global provider of water and alternative energy management solutions, to support improved access to clean water and wastewater services in several countries across the Middle East and Africa.
IFC's financing will provide Metito with additional liquidity and working capital to help it extend the accessibility of drinking water, improve wastewater treatment infrastructure, reduce waste costs, and decrease health risks in key water-stressed markets.
The financing is part of IFC's $8 billion COVID-19 fast-track financing facility, launched in March 2020 to support businesses and sustain jobs through the pandemic. Metito is the first company in the infrastructure sector across the Middle East and North Africa to benefit from this facility.
Metito's core markets are in the Middle East and North Africa, the world's most water-scarce region. The company is also expanding in sub-Saharan Africa, where it already operates the Kigali bulk water supply project, providing clean water to Rwanda's fast-growing capital.
