Ho Chi Minh City, November 7, 2005—The
International Finance Corporation, the private sector arm of the World
Bank Group, today announced its commitment of an $8 million loan to Theodore
Alexander Limited and Saigon Fine Furniture Limited. The two companies
are the main manufacturing subsidiaries of Paul Maitland International
PMI is an innovative export company that specializes in high-quality furniture
design and manufacturing. It is one of the largest furniture manufacturers
in Southeast Asia and Vietnam. The IFC loan will help PMI expand its product
lines and upgrade its facilities in Vietnam. In addition to providing financing,
IFC will help PMI achieve wood certification for its plantation and entire
wood supply chain.
“IFC wants to support international companies like PMI that are investing
in frontier markets while striving to achieve good practices in their use
of resources. This project promotes wood craftsmanship, where Vietnam has
the competitive advantage of a skilled labor force” said IFC Vietnam Country
Manager Sin Foong Wong.
"We look forward to working with IFC in this partnership. It will
enhance our existing capabilities and expand our business with key subcontractors"
said Randolph Austin, President of PMI. Paul Maitland International is
a private company with manufacturing operations in Vietnam and distribution
companies in Australia, Asia, Europe and the United States. The company
employs over 7,000 workers in Vietnam.
The International Finance Corporation, the private sector arm of the World
Bank Group, promotes sustainable private sector investment in developing
and transition countries, helping to reduce poverty and improve people’s
lives. IFC finances private sector investments, mobilizes capital in the
international financial markets, helps clients improve social and environmental
sustainability, and provides technical assistance and advice to governments
and businesses. Its 178 member countries provide its share capital and
collectively determine its policies.
From its founding in 1956 through FY05, IFC has committed more than $49
billion of its own funds and arranged $24 billion in syndications for 3,319
companies in 140 developing countries. IFC’s worldwide committed portfolio
as of FY05 was $19.3 billion for its own account and $5.3 billion held
for participants in loan syndications. For more information, visit www.ifc.org.