Project
Description
Adritec Group International (AGI), a leading producer of drip-irrigation
systems in the MENA region, has made a private placement of
common equity shares with a total amount of US$4 million.
Proceeds of the planned capital increase will be applied towards
the construction of new plants in Jordan, Algeria and India,
and for working capital requirements. Moreover, the net proceeds
will be used to institutionalize the Company's operations
with the creation of a new subsidiary (ATT) to be in charge
of the corporate services and trading activities of the group.
Project
Sponsors
Adritec
Group International (AGI) is a holding company established
in early 2000 to consolidate under one umbrella four subsidiaries
located in Jordan (created in 1981), Morocco (created in 1992),
Syria (created in 1997), and Tunisia (created in 1998). AGI
is considered to be the largest producer of drip irrigation
systems in the Arab Middle East and North Africa. The company
is ISO-9002 certified.
Project
Location
The
company has four subsidiaries located in Jordan, Syria, Morocco
and Tunisia.
Project
Cost
The
total project cost is US$4.0 million.
ICD's
Role and Developmental Impact
ICD
participated in the capital increase of Adritec Group International
in the amount of US$4 million, representing 25% of its capital.
The presence of ICD would add value in opening new markets
and establishing joint ventures in some member countries.
This project would increase the use of water-efficient irrigation
systems in the MENA region which suffers from a serious scarcity
of water resources.
