According to the newspaper “Daily Star”, The International Finance Corporation (IFC), member of the World Bank, acquired Thursday a minority share in a leading Lebanese construction company “Butee”.

According to a statement, the IFC invested $15 million in Butee Group to enable the Lebanese firm to expand its operations in the Middle East and North Africa. Moreover, IFC supports Butee's strategic objective to list publicly on Beirut Stock Exchange.

"We appreciate IFC's financial support and advisory. IFC's long term funding will help us reach the next level of growth, facilitating our geographic expansion across the region," said Butee CEO Nizar Younse. According to him, in addition to creating jobs, Butee would engage with the local community by helping develop public and commercial infrastructure such as roads, airports, water and sanitation services, and utilities in Algeria, Lebanon, Qatar, and the UAE.