IFC Provides $15M Loan to MAN Enterprise Group to Boost Operations in Middle East and Africa

The loan, administered through MAN Holding Limited and MAN Holding sal, aims to enhance the group's operations across the Middle East and Africa, supporting private sector development and job creation.

The International Finance Corporation (IFC), a member of the World Bank Group, is extending a $15 million loan to MAN Enterprise Group, an engineering, procurement, and construction conglomerate headquartered in Luxembourg with operations in the MENA region and Europe. The loan, administered through MAN Holding Limited and MAN Holding sal, aims to enhance the group's operations across the Middle East and Africa, supporting private sector development and job creation.

This financial support will enable MAN Enterprise Group to expand its presence in various countries, build internal capacity for climate-friendly technologies, and improve gender inclusion practices.

The Middle East, including Lebanon, has been significantly affected by regional conflicts, adding to existing economic challenges. Unemployment is a pressing issue, particularly among Lebanese youth and women. The International Labour Organization estimates that nearly half of Lebanon's youth are unemployed (47.8 percent), with women facing even more significant barriers to employment.

"IFC's support is a vote of confidence not only in our Group but also in the potential of Lebanon's private sector as an engine for growth," said Patrick Abi Nader, CEO of MAN Enterprise. "Aside from the financing, we will work with IFC on greening our operations and addressing gender gaps in our workforce to unlock a more diverse pool of talents that are critical to our success."

The construction industry is a major global driver of employment, contributing 13 percent of total employment in the Middle East and North Africa region in 2020. Alongside its investment, IFC will collaborate with MAN Holding in Lebanon to improve gender inclusion by providing childcare solutions for working parents. This initiative aims to attract and retain women in the workforce, enhancing their participation in the economic recovery. This effort is part of the Care Arabia program, a regional initiative led by the World Bank Group.

"Despite Lebanon's challenging environment, IFC has been selectively eyeing opportunities to support the Lebanese private sector through South-South investments to preserve jobs and help the economy at a critical time," 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 help the company gain access to corporate capital complementary to its standard financing, improve sustainable and inclusive practices, and become more resilient to economic downturns."

IFC's financing aligns with the World Bank Group's strategies for both the Middle East and Africa, which focus on promoting job creation through accelerated private sector growth, competitiveness, and sustainable green growth.

For over 50 years, IFC has been a steadfast partner to Lebanon, supporting the country's private sector with investments and advice across various sectors, including finance, manufacturing, construction, retail, and ICT. This partnership aims to boost competitiveness and create more jobs and opportunities, particularly for women, youth, and vulnerable communities. Since 2005, IFC has invested more than $920 million in Lebanese firms, deploying $603 million from its own account and mobilizing $317 million from other partners, resulting in the creation and maintenance of over 40,000 jobs, with more than 7,000 held by women.