Washington, D.C., January 15, 2009--IFC,
a member of the World Bank Group, has signed a $16 million loan agreement
with the CTI Group that will help develop the transportation and logistics
sector in the Middle East and North Africa and support CTI’s continued
growth as it expands in the international cement shipping and trading industry.
Cement transportation requires special
handling and storage conditions. The CTI project will enhance efficiency
of the global cement market by facilitating the transportation of cement
between countries with surpluses and those facing shortages.
IFC’s loan demonstrates to local banks
the viability of providing longer-term financing for shipping companies
in the region, particularly under the difficult conditions currently prevailing
in the market.
“Our strategy focuses on helping private
companies expand operations regionally and globally in a way that improves
the integration of local economies,” said Michael Essex, IFC Director
for the Middle East and North Africa. “This investment supports a Jordanian
company that is a leader in the global cement shipping and trading industry.”
Mazem Dajani, CEO of CTI, said, “We
are pleased to have IFC’s support at such a challenging time. With this
financing, we plan to upgrade and renovate our shipping fleet as well as
expand its size by developing new cement markets.”
IFC, a member of the World Bank Group,
creates opportunity for people to escape poverty and improve their lives.
We foster sustainable economic growth in developing countries by supporting
private sector development, mobilizing private capital, and providing advisory
and risk mitigation services to businesses and governments. Our new investments
totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous
year. For more information, visit www.ifc.org.
Based in Amman, Jordan, CTI Group was
established in 1990 as a cement and clinker trading company. Its activities
now cover all aspects of logistics for specialized cement trade, including
trading, handling and transportation. The company’s shipping subsidiary,
Arrow Ship International Inc, is one of the largest specialized cement
carrier fleet owners in the world and also operates a sizeable dry bulk
carrier fleet. For more information, visit www.cti-grp.com.