Kampala, Uganda, February 7, 2011—
IFC, a member of the World Bank Group, is providing a $24 million loan
to Roofings Rollings Mills Limited to help the Ugandan steel products manufacturer
expand its operations in Uganda and the Great Lakes region. The investment
is expected to create job opportunities and boost local economic growth
IFC’s loan will help Roofings Rollings
Mills finance an expansion program over the next two years. The company
plans to establish a wire galvanizing plant, a hot rolling mill complex,
and a cold rolling mill complex to increase production of quality steel
construction materials for both local and export markets.
Sikander Lalani, CEO of, Roofings Rollings
Mills Limited, said, “IFC’s support is an important endorsement of our
future strategic development. We hope for a long-lasting relationship with
IFC that will contribute to Uganda’s development.”
Jean Philippe Prosper, IFC Director
for Southern and Eastern Africa, said, “IFC’s investment will help Roofing
Rollings Mills introduce modern production technology, contributing to
improved local business practices. The company’s expansion program should
strengthen the construction and low-income housing sectors, supporting
the development of Uganda’s infrastructure."
IFC’s investment will help maintain
current employment, as well as generate new local job opportunities. IFC
will also provide guidance in corporate governance and help the company
achieve higher environmental and social standards.
IFC, a member of the World Bank Group, is the largest development institution
focused on the private sector in developing countries. We create opportunity
for people to escape poverty and improve their lives—by providing financing
to help businesses employ more people and provide essential services, mobilizing
capital from others, and delivering advisory and risk-management services
to ensure sustainable development. In a time of global economic uncertainty,
our new investments climbed to a record $18 billion in fiscal 2010. For
more information, visit www.ifc.org.
About Roofings Rollings Mills Limited
Roofings Rollings Mills Limited is a
subsidiary of Roofings, the largest manufacturer of steel building materials
in Uganda. Roofings was created in 1994 and is one of the top exporters
in the Great Lake Region. The company employs 850 people and has an installed
annual capacity of 110,000 Metric Ton.