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IFC APPROVES FINANCING FOR SEVEN PROJECTS IN SUB-SAHARAN AFRICA


Asimina Caminis
Phone: (1-202) 473-9737
Fax: (1-202) 676-0365


The International Finance Corporation has approved loans and equity investments totaling US$3.9 million equivalent for seven projects in The Gambia, Guinea, Guinea-Bissau, Madagascar, Mali, and Nigeria. All of the projects will be financed through IFC's Africa Enterprise Fund (AEF), which supports small and medium-sized companies undertaking projects with costs between US$250,000 and US$5 million. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries. The Africa Project Development Facility, an agency co-sponsored by IFC, the African Development Bank, and the United Nations Development Programme, provided advice to the sponsors of the projects in The Gambia, Guinea, Madagascar, and Mali.

AEF TO FINANCE TWO AGRIBUSINESS PROJECTS IN THE GAMBIA


The International Finance Corporation (IFC) has approved loans totaling US$585,000 million equivalent for a fish-processing company and a poultry producer in The Gambia. AEF's US$365,000 loan for Lyefish Company Limited, an established fishing and fish-trading business in The Gambia, will help finance the construction of a modern fish and shrimp-processing plant that complies with the regulations of the European Union and the United Nations' Food and Agricultural Organization. The company plans to sell its products in Europe. The costs of its expansion project are estimated at US$910,000 equivalent. ..MORE.. - 2 - AEF will make a US$220,000 loan to Kerr Kande Farm Ltd., Gambia's largest producer of eggs and broiler hens, to help finance the company's US$547,000 expansion and modernization program. Kerr Kande Farm Ltd. plans to increase its production from 2 million to 5 million eggs per year, in response to growing domestic demand.


AEF LOAN APPROVED FOR FRUIT EXPORTER IN GUINEA


AEF will make a US$359,000 loan to Delicia S.A., a Guinean producer and exporter of fresh fruits, to help the company diversify its operations. This is AEF's first loan in Guinea. Delicia S.A. plans to process dehydrated fruit for export to Europe using a process developed by Gauthier S.A., a French company. Its semi-dried pineapple, mango, and papaya products will be marketed primarily in France and Germany, through two French importers and distributors, Navimpex S.A. and Racines S.A. The cost of the project is estimated at US$1.3 million equivalent.


AEF TO PROVIDE LOAN AND EQUITY INVESTMENT TO AGRIBUSINESS COMPANY IN GUINEA-BISSAU


AEF will provide a loan of US$750,000 and an equity investment of PTE 15 million (US$88,000 equivalent) to help finance the establishment of Agribissau, SARL, a company in Guinea-Bissau that will produce raw cashew nuts, mangoes, citrus fruits, corn, and cassava for export to India and the European Union. This is the first project to be financed by AEF in Guinea-Bissau. Agribissau will be majority-owned by Mantero, a Portuguese company with more than 100 years' experience in agriculture in Africa.


HOTEL PROJECT IN MADAGASCAR TO BE FINANCED BY AEF


AEF is to make a US$359,000 loan to Karibotel, a three-star hotel located in Independence Square, the historical, social, and commercial center of Antananarivo, Madagascar's capital, to help finance a US$1.2 million renovation, expansion, and remodeling project. A Malagasy businessman is sponsoring the project, which is expected to help meet growing demand from business people and tourists for three- and four-star accommodations in Madagascar.


AEF TO HELP FINANCE RENOVATION OF HOTEL IN MALI


The FF 5 million AEF loan (US$850,000) approved for Grand Htel de Bamako, Mali's second largest hotel, will help finance a renovation project with estimated costs of US$2.6 million equivalent. The 74-room hotel, which is located in downtown Bamako, was recently privatized. The new owners, Malian investors, plan to bring the hotel up to international three-star standards.


AEF TO MAKE LOAN TO NIGERIAN PRODUCER OF INDUSTRIAL LUBRICANTS


AEF will make a US$940,000 venture loan to Eterna Industries Limited to help finance the establishment of a new grease-blending plant that will manufacture industrial, marine, and automotive lubricants from products of Castrol Africa (Pty) Limited, a subsidiary of Burmah Castrol PLC in the United Kingdom. The cost of setting up the new plant is estimated at US$2.6 million equivalent. The company's annual production capacity is expected to reach 15,000 metric tons. Eterna Industries will be majority-owned by Eterna Oil & Gas Company Ltd., a Nigerian manufacturer of petroleum products, which has technical and marketing agreements with Burmah Castrol PLC.