Sphinx Glass is a subsidiary of Saudi-based Construction Products Holding Company (CPC).The IFC investment will enable Sphinx Glass to optimize production, improve its energy efficiency and create more jobs, as well as boost the development of Egypt’s industrial infrastructure.The company is a key supplier of float glass to Egypt’s construction sector, and a significant regional and international exporter.
Mu'taz Sawwaf, Vice Chairman of CPC said, “IFC will play a strong role as an equity partner helping a regional player in its expansion plans in Egypt. We aim to build a long term relationship with IFC, as we continues to execute on our international expansion strategy, capitalizing on increasing demand for building materials and glass in Egypt and Africa.”
The investment is part of World Bank Group strategy in Egypt to boost job creation through the manufacturing sector and promote energy efficiency improvement initiatives. It will also strengthen regional integration through a South-South investment, a key pillar of IFC's strategy in the Middle East and North Africa.
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IFC invests in Egypt’s Sphinx Glass to boost sector
International Finance Corporation (IFC), a member of the World Bank Group, is investing in a 20 per cent equity stake in Egypt-based Sphinx Glass, to boost the glass manufacturing sector in the region.