WASHINGTON, D.C., February 5, 1999 ---
International Finance Corporation Executive Vice President Peter Woicke
signed agreements in Abidjan today to invest a total of $3.9 million in
two companies in West Africa. Mr. Woicke is in Cote d'Ivoire as part
of a five-nation visit to sub-Saharan Africa.
SIECO, Mali Receives $500,000 Investment
IFC approved a guarantee to enable Société Industrielle de'Emballage et
de Conditionnement SA (SIECO) of Mali -- a producer of liquid cleaner,
detergent, and plastic bottles -- to obtain a local currency loan of CFAF
300 million (US$500,000). The project will enable SIECO to increase
production efficiency and set up a factory to manufacture plastic bags
for the local market. The company will expand and relocate to a larger
site in the industrial zone of Bamako. At total capacity, SIECO will
produce 578 tons of plastic bags and one million plastic bottles per year.
Plant and equipment will be imported from Taiwan and Italy. SIECO
is owned by Mr. Mohammed Ghassane Fakhry, an agricultural engineer, who
has experience in the plastics industry.
Tropical Rubber, Côte d'Ivoire Receives $3.4 Million Investment
IFC is providing a loan of $3.4 million to Tropical Rubber Côte d'Ivoire
(TRCI), a $12.3 million project involving privatization of a rubber plantation
on the 30-year old Anguédedou Estate near Abidjan. The project includes
rehabilitation of about 1,000 hectares of old plantations as well as construction
of a new rubber processing facility with a capacity of 80 tons per day
for small-hold rubber farms in the area. Other benefits include employment
and foreign exchange generation and provision of extension services to
small-hold farmers in the area. In addition, the project will manage
a school and dispensary for staff. Major shareholders include Saphic
of Côte d'Ivoire, owned by medium-sized rubber planters from the Anguédedou
area; GMG Investment (Pte) Ltd., a subsidiary of the Indonesian conglomerate
Panwell Group, which has interests in manufacturing, banking, and trading;
and the Government of Côte d'Ivoire.
IFC, part 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.