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IFC TO HELP FINANCE EXPANSION OF IVORIAN COMPANY


Asimina Caminis
(202) 473-9737


WASHINGTON, D.C., April 27 -- The International Finance Corporation (IFC) will provide a FF 5.9 million loan (US$1 million equivalent) to Filtisac S.A., Cte d'Ivoire's leading manufacturer and exporter of jute and polypropylene bags. Filtisac is seeking to expand and diversify its export sales of polypropylene bags, increase efficiency, and restructure selected business operations. The cost of the expansion, which would make Filtisac the largest industrial packaging company in West Africa, is estimated at US$15.8 million. The balance of the funding is expected to come from internal cash generation, suppliers' credits, and a local bank. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries. (30)