PROJECT

Projects

Summary of Proposed Investment

Project Number

11445

Company Name

MIDDLE EAST COMPLEX FOR ENGINEERING ELECTRONICS AND HEAVY INDUSTRIES PLC.

Date SPI Disclosed

Oct 30, 2002

Country

Jordan

Industry

Manufacturing

Projected Board Date

Dec 10, 2002

Status

Completed

Sector

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

Department

Regional Industry MAS MCT

Environmental Category

B - Limited

Previous Events

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

Project Description

Established in 1994 as a public shareholding company, MEC is the electronics and household appliances leader in Jordan. The company exports 72% of its output to countries in the Middle East region. The proposed expansion project intends to: relocate MEC’s existing production facilities for the purpose of modernizing its assembly lines and increasing efficiencies; expand, by establishing a joint venture with the Haier Group of China; and restructure up to $11.0 million of MEC’s short-term debt.

The venture will:
  • create approximately 400 jobs mostly for women, as well as additional jobs in the transport, storage and handling, and retailing sectors;
  • contribute to Jordan’s foreign currency earnings; and
  • stimulate establishment of new downstream industries in Jordan, such as electronics components and accessory manufacturing.

IFC role in the project is to:
  • support the evolution of a successful, internationally competitive, local assembler of semi-knocked down kits towards being a higher value-added complete knock down assembler;
  • supporting the growth of a local enterprise into a regional player;
  • provide long-term foreign currency financing currently unavailable from local financial institutions, and
  • ensure the highest environmental standards in MEC.

Sponsor / Cost / Location

Development Impact