Hong Kong, November 16, 2006 –
The International Finance Corporation, the private sector arm of the World
Bank Group, will support the growth of the organic fertilizer industry
in China through a local currency loan of RMB120 million to Century Sunshine
Ecological Technology Holdings Limited’s operating entities in China.
The financing will be funded by the recent RMB 870 million Panda Bond issue
and will support Century Sunshine’s expansion.
The financing will help Century Sunshine further expand its production
capacity. The production of organic fertilizers is important for the emergence
of agricultural producers who will target the rapidly developing organic
product markets in China and abroad. Century Sunshine uses animal and plant
waste and converts it into high value-added organic fertilizers.
“IFC is pleased to support Century Sunshine, which is playing an important
role in promoting environmentally friendly, sustainable agriculture by
providing organic fertilizers in China, where the use of chemical fertilizers
is predominant. This financing to Century Sunshine demonstrates IFC’s
strong commitment to sustainability,” said Jean-Paul Pinard, IFC’s Director
“The Panda Bond II issue enables IFC to support high-quality private companies
in China that need local currency financing,” said Richard Ranken, IFC’s
Director for East Asia and Pacific. This loan will support Century Sunshine’s
continued growth and will promote private sector development in China.”
“We are very pleased to work with IFC. Century Sunshine is committed to
the development of the organic fertilizer sector in China. We plan
to increase our capacity and expand our distribution network to meet rapidly
growing demand. This financing will help implement our growth strategy,”
said Chi Wenfu, Chairman and CEO of Century Sunshine.
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 FY06, IFC has committed more than $56
billion of its own funds for private sector investments in the developing
world and mobilized an additional $25 billion in syndications for 3,531
companies in 140 developing countries. With the support of funding from
donors, it has also provided more than $1 billion in technical assistance
and advisory services. For more information, visit www.ifc.org.
About Century Sunshine
Century Sunshine, based in Fujian and Jiangxi provinces of China, is
principally engaged in the research, development, production, and distribution
of a wide range of organic fertilizer products, under the popular brand
name of “LU DI”. Its major products are registered with the Ministry
of Agriculture at the state level and are internationally recognized by
BCS Oko-Garantie. Century Sunshine has significantly increased its production
capacity and has become one of the largest producers in China’s organic
fertilizer industry. Century Sunshine completed a successful listing on
the GEM Board of the Stock Exchange of Hong Kong in February 2004.