Middle East Complex

completed

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.