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IFC to Help Nigeria’s Star Paper Mill Expand, Improve Environmental Practices


In Washington:
Carmen Powell
Phone: + 1 (202) 473-4982
Email: cpowell@ifc.org

In Johannesburg:
Houtan Bassiri

Phone: +2711 731 3179
E-mail: hbassiri@ifc.org


Lagos, Nigeria, June 27, 2007 — IFC, the private sector arm of the World Bank Group, announced today that it will invest in Nigeria’s Star Paper Mill Limited to help the company expand its tissue production. IFC will also provide advisory services to help Star Paper increase the amount of recycled paper it uses in its products, improving sustainable business practices and environmental standards.

The company will use the $10 million loan to refinance a recent expansion of its production facilities. Increased recycling at the company will also help trigger improved environmental and sustainable business practices across the industry.

“Our relationship with IFC will afford us a great opportunity to realize our long overdue goal of becoming the leading tissue paper manufacturing company in West and Central Africa. This partnership will nurture our internal processes and systems and raise our operations to a world-class standard. This will give us a competitive edge to offer sustainable, high-quality products and great value to our stakeholders,” said Chief Nnana-Kalu, CEO and Chairman of Star Paper.

“Our partnership with Star Paper will help the company adopt sustainable business practices, including better financial management and improved wastepaper collection, which are necessary for the company to remain competitive,” said Thierry Tanoh, IFC Director for Sub-Saharan Africa.

About IFC
IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries.  IFC supports sustainable private sector companies and other partners in generating productive jobs and delivering basic services, so that people have opportunities to escape poverty and improve their lives. Through FY06, IFC Financial Products has committed more than $56 billion in funding for private sector investments and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. IFC Advisory Services and donor partners have provided more than $1 billion in program support to build small enterprises, to accelerate private participation in infrastructure, to improve the business enabling environment, to increase access to finance, and to strengthen environmental and social sustainability. For more information, please visit www.ifc.org.

About Star Paper Mill
Star Paper Mill is a leading company in Nigeria that specializes in the production, distribution, and marketing of tissue paper products and stationery. The family-owned company employs nearly 1,000 people and is the largest tissue paper producer in the country, accounting for about 60 percent of the market.