Press Releases
print

IFC Encourages Jobs, Growth through Loan to Uganda’s Roofings Rollings Mills


In Kampala:
Name: Steven Shalita
Phone: + 256 414 302236
E-mail: sshalita@worldbank.org


In London:
Name: Carmen Powell
Phone: +44 207 7220649
E-mail: cpowell@ifc.org


In Johannesburg:
Name: Desmond Dodd
Phone: +2783 448 9873
E-mail: ddodd@ifc.org

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.

About IFC

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.