PROJECT

Projects

Environmental Review Summary

Project Number

11445

Company Name

MIDDLE EAST COMPLEX FOR ENGINEERING ELECTRONICS AND HEAVY INDUSTRIES PLC.

Date ERS Disclosed

Nov 1, 2002

Country

Jordan

Region

Middle East

Environmental Category

B - Limited

Status

Completed

Previous Events

Approved : Dec 30, 2002
Signed : Jan 22, 2003
Invested : Apr 25, 2003

Sector

Household Appliances (Including Refrigerators, Laundry Machine, Dishwashers, etc.)

Industry

other

Department

Regional Industry MAS MCT

Project Description

Company: Middle East Complex for Engineering, Electronics, & Heavy Industries (the company, or MEC) established in 1994 as a public shareholding company, is the leader in Jordan for electronics and household appliances. MEC exports 72% of its output to countries in the Middle East region. MEC currently employs approximately 650 people.

Project Description: The proposed $38.5 million project is: (i) to relocate MEC’s existing production facilities for the purpose of modernizing its assembly lines and increasing efficiencies; (ii) to expand by establishing a joint venture with the Haier Group of China; and (iii) to restructure up to $11.0 million of MEC’s short-term debt. The expansion project will focus on producing household products, which will primarily be sold in regional markets.

Environmental and Social

Conclusion & Monitoring