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IFC Supports Expansion of Key Tunisian High-Tech Exporter


In Washington, D.C.:
Carmen Powell
Phone: + (202) 473-4982
E-mail : cpowell@ifc.org

In Cairo:
Riham Mustafa
Phone: + (202) 2461-9140 Ext. 306
E-mail: rmustafa@ifc.org

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.

About IFC
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 Tunisie S.A.
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.