IFC supports MAN Enterprise Group to expand in MENA, enhance gender inclusion, and promote sustainable growth amid regional challenges. (Image source: Adobe Stock)
IFC, part of the World Bank Group, granted a US$15mn loan to MAN Enterprise Group, an engineering, procurement, and construction Group to expand in MENA & Europe, fostering green growth and gender inclusion in Lebanon's challenging economy
The loan will help the group grow its operations across the Middle East and Africa, supporting private sector development and job creation.
It will also assist the group in initiating new projects to establish its presence in different countries, enhancing its internal capacity for climate-friendly technologies, and improving its gender inclusion practices.
The conflict in the Middle East has been impacting countries in the region, including Lebanon, a nation that has already faced several economic challenges in recent years. Unemployment, especially among Lebanese youth and women, is a significant issue. According to estimates by the International Labour Organization, nearly half of Lebanon's youth are unemployed (47.8%), with women facing even greater difficulty finding jobs.
"IFC's support is not only a vote of confidence in our Group but also in Lebanon's private sector potential as a growth engine," said Patrick Abi Nader, CEO of MAN Enterprise. "Apart from the financing, we will collaborate with IFC to integrate climate-friendly practices into our operations and address gender disparities in our workforce to unlock a more diverse talent pool critical to our success."
The construction industry is a major global driver of employment, contributing 13% of total employment in the Middle East and North Africa region in 2020. In addition to its investment, IFC will partner with MAN Holding in Lebanon to enhance gender inclusion by offering childcare solutions for working parents. This initiative aims to attract and retain women in the workforce, boosting their participation in economic recovery efforts. This effort is part of the Care Arabia program, a regional initiative led by the World Bank Group through IFC.
"Despite Lebanon's challenging environment, IFC has been selectively identifying opportunities to support the Lebanese private sector through South-South investments, preserving jobs and aiding the economy during a critical period," said Ashruf Megahed, regional industry head of manufacturing, Agribusiness and Services for the Middle East, Central Asia, and Türkiye. "Investing in a local market leader like MAN Enterprise will enable the company to access corporate capital complementary to traditional financing, enhance sustainable and inclusive practices, and strengthen resilience against economic downturns."
IFC's financing aligns with the World Bank Group's strategies for the Middle East and Africa, aiming to foster job creation through accelerated private sector growth, competitiveness, and sustainable green development.
For over five decades, IFC has been a steadfast partner in Lebanon, supporting the country's private sector with investments and guidance across various sectors including finance, manufacturing, construction, retail, and ICT. These efforts aim to enhance competitiveness and create more employment opportunities, particularly for women, youth, and vulnerable communities. Since 2005, IFC has invested over US$920mn in Lebanese firms, deploying US$603mn from its own funds and mobilising US$317mn from other partners, leading to the creation and preservation of more than 40,000 jobs, with over 7,000 held by women.
