WASHINGTON, D.C., April 30, 1999 — The
International Finance Corporation will lend US$6.9 million to Partek Paroc
Polska Sp. z o.o. to modernize its mineral wool plant in Trzemeszno in
Partek Paroc Polska manufactures mineral wool insulation products for use
in construction and technical applications. The company was formed by Partek
Insulation AB of Sweden, a leading European mineral wool producer, which
acquired the assets of a state-owned company. Partek Paroc Polska's existing
plant is being modernized and a new up-to-date production line will allow
a broader product range, higher quality, and significant environmental
improvements. This phase of the modernization will be completed next year.
IFC had made an earlier equity investment of US$1.9 million in Partek Paroc
Polska. IFC is financing this project along with Nordic Investment Bank
(NIB), Finnish Fund for Industrial Cooperation Ltd. (FINNFUND), and Nordic
Environment Finance Corporation AB (NEFCO). FINNFUND and NEFCO have invested
equity alongside Partek Insulation and IFC, and will also provide senior
loans. NIB will provide loan financing.
IFC has been investing in Poland since 1988 and has approved equity and
loan investments amounting to $556 million equivalent in equity and loans
in 30 projects in various sectors, including manufacturing, services and
IFC, member of the World Bank Group, fosters economic growth in the developing
world by financing private sector investments, mobilizing capital in the
international financial markets, and providing technical assistance and
advice to governments and businesses.