Press Releases
print

IFC MAKES LOAN TO MANUFACTURING COMPANY IN COTE D'IVOIRE


Asimina Caminis


WASHINGTON, DC, October 12, 1993 -- The International Finance Corporation (IFC) is providing a loan of US$4.8 million to Omnium Chimique et CosmÈtique S.A. (Cosmivoire), an Ivorian company that manufactures refined edible oil, soap, and butter and margarine products for the domestic market and for export to other West African countries. IFC's loan will help finance a US$13 million, three-year investment and restructuring program that will enable Cosmivoire to expand production capacity, improve productivity, and achieve forward integration into higher-value-added products. Cosmivoire is also receiving a US$1 million loan from SOGEFINANCE, the investment arm of SociÈtÈ GÈnÈrale de Banque en CÙte d'Ivoire, an Ivorian commercial bank. Other financing for the program will come from the company's internal cash generation as well as short-term overdraft facilities from local banks. As part of the overall program, Cosmivoire, which is 100 percent Ivorian owned, will undertake a comprehensive restructuring of its ope
rations, management, and balance sheet. IFC made an earlier loan to Cosmivoire in 1987, and provided a loan and equity investment to Omnium de Transformations Alimentaires S.A., a subsidiary of Cosmivoire, in 1990. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries.