Washington D.C., July 15, 2005 —
The International Finance Corporation, the private sector arm of
the World Bank Group, has signed a $25 million long-term loan agreement
with Jordan’s manufacturing conglomerate, the Nuqul Group. IFC’s financing
will help fund the group’s expansion and modernization in the Middle East
and the restructuring of its corporate balance sheet.
Nuqul‘s core business comprises the integrated production, distribution,
and marketing of hygienic paper products. FINE, the group’s flagship brand,
is synonymous with “tissue paper” in Jordan and throughout the Middle
East, reflecting Nuqul’s market leadership in the region.
The $25 million IFC loan will partially finance the group’s four-year
capital investment program to meet the strong growth projected in their
Sami Haddad, IFC’s Director for the Middle East and North Africa, said
the investment underscores IFC’s commitment to investing in the region:
“Nuqul has embarked on an ambitious growth plan to meet increasing demand
in the Middle East. This long-term corporate loan will help the company
achieve its targets for expansion and modernization.”
Dimitris Tsitsiragos, IFC’s Director for Global Manufacturing and Services,
added, “Our investment in Nuqul is consistent with IFC’s strategic aim
to partner with emerging global players and support a sector that brings
high value-added manufacturing to emerging market countries.”
Elia Nuqul, Founder
and Chairman of the Board of Directors of the Nuqul Group, said, “The
IFC loan is a testament to the Nuqul Group’s
commitment to sound and transparent financial systems, as well as to environmental
and social values.
This is the fourth time that the Nuqul Group has received a loan from IFC.
It reflects our group’s long-term relationship with IFC, whose standards
we respect and uphold."
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people’s lives. IFC finances private
sector investments in the developing world, mobilizes capital in the international
financial markets, helps clients improve social and environmental sustainability,
and provides technical assistance and advice to governments and businesses.
From its founding in 1956 through FY04, IFC has committed more than $44
billion of its own funds and arranged $23 billion in syndications for 3,143
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY04 was $17.9 billion for its own account and $5.5 billion held
for participants in loan syndications.
The Nuqul Group (www.nuqulgroup.com)
is a family-owned business that began operations in Jordan in 1952 as a
trading company specializing in the import and distribution of consumer
products. Today, Nuqul consists of 27 companies that operate in nine
countries. Its business lines cover a wide range of products, including
raw material and converted hygienic tissue paper, non-woven fabrics, processed
meats, aluminum profiles, ready-mix concrete, synthetic sponge and foam,
plastic pipes, stationery, and printed packaging materials. The group’s
main production centers are located in Egypt, Jordan, Saudi Arabia, the
United Arab Emirates, and the United States.