MAN Enterprise gets
$15 million loan from IFC

To grow operations and enter new markets

The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $15 million loan to MAN Enterprise Group to help the engineering and construction group grow its operations across the Middle East and Africa.

MAN Enterprise will use the proceeds of the medium term loan to expand its operations, undertake bigger projects, and enter new markets, said Ziad Diab, group Chief Financial Officer (CFO). He said the expansion might include acquiring new companies. Diab said that his company complies with the IFC’s environmental, social, and governance (ESG) requirements including those pertaining to eco-friendly practices and gender inclusion.

Patrick Abi Nader, CEO of MAN Enterprise said: "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."

Diab said: “IFC is cautious in providing loans in light of Lebanon’s high risk but it has taken into consideration the success of MAN Enterprise which has grown from a local family business into a company with an international footprint. We look forward to further cooperation with the IFC in the future.”

MAN Enterprise was founded in 1971 by late engineer and contractor Michel Abi Nader. Besides Lebanon, it has branches in a number of countries including UAE, Qatar, Saudi Arabia, and Hungary.

IFC has invested more than $920 million in Lebanese companies since 2005. It provided $603 million of this amount from its own resources and mobilized the remaining $317 million from other partners. This has resulted in the creation and maintenance of more than 40,000 jobs which include over 7,000 jobs held by women.