WASHINGTON, D.C., February 28, 2000 —
The International Finance Corporation will provide US$51 million in financing
for a newly created company, Messer Trinidad & Tobago Limited (MTTL),
which supplies competitively priced industrial gases to local industries.
MTTL adheres to strict environmental guidelines in supplying oxygen, nitrogen
and hydrogen to industrial enterprises. The project will strengthen the
competitiveness of the local petrochemical, metallurgical and other industrial
sectors, by allowing them to focus on their core competencies and outsource
for their industrial gas needs.
Rashad Kaldany, Director of
IFC's Oil, Gas and Chemicals department noted that this first IFC investment
in four years in Trinidad and Tobago offers the long-term financing that
is needed for such greenfield projects. It will help MTTL, and in turn,
it will make Trinidad and Tobago an increasingly attractive investment
The MTTL project is a joint venture between Messer Griesheim GmbH, a privately
held German industrial gas company, and Neal & Massy Holdings, a Trinidad-based
diversified conglomerate engaged in trading, manufacturing, industrial
gases, financial and other services.
IFC's investment includes an A-loan of up to $11 million for IFC's own
account, a syndicated B-loan of up to $30 million for the account of participant
banks, and a C-loan of up to $10 million for IFC's account with a deferral
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides technical assistance and advice to governments and businesses.