DAR ES SALAAM, TANZANIA, FEB. 10—The International
Finance Corporation (IFC) will provide a long-term loan of US$1.0 million
to Maji Masafi Limited, Tanzania, to finance the US$2.8 million expansion
of a fruit flavored drinks plant by adding machines and equipment and producing
The expansion will increase competition in the Tanzanian drinks market
by introducing a relatively affordable drink packaged in a simple, hygienic
and attractive format. It will also generate employment and income
for street vendors. The product, known as "Safi" (meaning
pure), has already had a successful market debut. Besides providing
long-term financing, IFC's involvement also included a comprehensive assessment
of the project.
Mr. Jannik Lindbaek, Executive Vice President of IFC, who signed the agreement
on behalf of IFC, said in Dar es Salaam, "We are very pleased to be
involved in a sector that has as much potential as agribusiness. IFC
considers that economic growth and poverty reduction in Tanzania and throughout
Africa will depend largely on the development of this key sector."
IFC, a member of the World Bank Group, is the largest multilateral source
of equity and loan financing for private sector projects in developing
countries. In Tanzania, since 1960, IFC has invested US$91 million
in 32 projects, of which US$78 million was for its own account.