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.
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.