Tunis, Tunisia, July 21, 2008—IFC,
a member of the World Bank Group, today announced that it will participate
in Fuba Printed Circuits Tunisie S.A. The investment will contribute to
the growth and development of an export-oriented Tunisian high-technology
company, thereby improving Tunisia’s technological competitiveness and
creating employment opportunities for university graduates.
Fuba views IFC as a strategic
partner that supports its growth strategy by providing emerging markets
knowledge and a global industry perspective. As part of the investment,
IFC will acquire 19 percent of the company’s stock.
Slim Sellami, Fuba’s CEO,
said, “We are grateful for IFC’s support. It shows trust in our ambitious
growth strategy.” Moncef Sellami, Fuba’s Chairman, added, “With a global
partner such as IFC, Fuba’s development will most likely have a positive
impact on many other investment projects in Tunisia.”
“IFC’s partnership with
Fuba will have a strong impact in the country by enhancing the technological
competitiveness of a key Tunisian export player, creating job opportunities
for university graduates and improving environmental and social standards
as well as corporate governance,” said Dimitris Tsitsiragos, IFC Director
for Global Manufacturing and Services.
IFC’s strategy in Tunisia
focuses on projects with a high development impact, and where IFC’s role
is clear and complementary to local financial institutions. By supporting
a financially sound and reputable second-tier company seeking to become
internationally competitive, this investment is aligned with IFC’s strategy
for the electronics sector. This will be IFC’s first investment in the
Tunisian manufacturing sector in more than 10 years.
IFC, a member of the World
Bank Group, fosters sustainable economic growth in developing countries
by financing private sector investment, mobilizing private capital in local
and international financial markets, and providing advisory and risk mitigation
services to businesses and governments. IFC's vision is that people should
have the opportunity to escape poverty and improve their lives. In FY07,
IFC committed $8.2 billion and mobilized an additional $3.9 billion through
syndications and structured finance for 299 investments in 69 developing
countries. IFC also provided advisory services in 97 countries. For more
information, visit www.ifc.org.
About Fuba Printed Circuits
Fuba has been specializing
in the manufacturing of printed circuit boards for the past 18 years. The
company is export-oriented and serves well-known international clients
in the electronics and industrial sectors. With advanced technology and
a diversified portfolio of first class customers, Fuba has a strong competitive
position and robust growth prospects. Fuba employs more than 600 workers.