WASHINGTON, D.C., February 1, 1999 ---
On the eve of Executive Vice President Peter Woicke's visit to sub-Saharan
Africa, the International Finance Corporation announced approval of loans
totaling $3.88 million for seven small business projects in Burkina Faso,
Côte d'Ivoire, the Gambia, Guinea, and Senegal. Led for the most
part by indigenous investors, the projects are already helping to create
jobs and develop the environment for the private sector, especially in
the area of small and medium-sized enterprises. The investments cover
several sectors and include a transport company, a mineral water bottling
plant, a garage, and four schools.
IFC is providing financing of $960,000 for private schools and training
institutions that offer modern quality education or technical training
at affordable prices. Support of investments in school projects is
designed to give more people, especially girls, access to education. These
schools will keep tuition fees reasonable while providing high quality
IFC, part of the World Bank Group, fosters economic growth in the developing
world by financing private sector investments, mobilizing capital in the
international financial markets, and providing technical assistance and
advice to governments and businesses.
Transport Company in Burkina Faso Receives $366,000 Investment
IFC has approved a guarantee to enable Société de Transports et de Commerce
Bogoya et Frères (STCBF), a transport company in Burkina Faso, to obtain
a local currency loan of CFAF 219 million (US$366,000). STCBF will
expand and modernize its fleet to meet the growing demand for long haulage
in Burkina Faso, a landlocked country. The project includes improvement
of operational practices and management.
Mineral Water Bottling Plant in Côte d'Ivoire Receives $1.26 Million Loan
IFC has approved a loan of 7.5 million French francs (US$1.26 million)
to Ivorian company Drop Ivoire to establish a mineral water bottling plant
in Bonoua, a rural area about 60 km from Abidjan. The plant's production
of mineral water will be marketed locally and in the region.
School in Côte d'Ivoire receives $370,000 Investment
IFC has approved a guarantee for Collège Privé "Les Pitchounes"
in Côte d'Ivoire to obtain a local currency loan of CFAF 221 million (US$370,000)
to establish a secondary school in Abidjan. It will be an extension
of the existing primary school and will help meet the demand for moderately-priced,
high quality, secondary school education.
School in the Gambia receives $238,500 Investment
IFC has approved a guarantee for the Ndow Middle and High School in Kanafing
in the Gambia to obtain a local currency loan of Dalasis 2.385 million
(US$238,500). It will upgrade facilities so that enrolment can be
increased to 1,200 pupils. The project will help to improve the quality
of education, strengthen technical skills, and raise literacy.
School in Guinea receives $105,000 Investment
IFC has approved a guarantee that will allow Groupe Scolaire Hamdallaye
in Guinea to obtain a local currency loan of GNF 115 million (US$105,000)
to build a new secondary school as an extension to an existing primary
school in Conakry. Besides responding to the demand for secondary
school education, the project will offer computer and English instruction
and operate an in-service teacher training program.
Garage in Guinea receives $1.3 Million Loan
An IFC loan of $1.3 million to Alex-Socatrag in Guinea will be used for
the modernization and expansion of a maintenance garage to increase efficiency
and better support one of the largest mining operations in the country.
The company will be organized as a joint venture between a leading
Canadian firm and a cooperative of local mechanics and technicians. Besides
providing employment, the joint venture will demonstrate successful networking
between large and small enterprises. IFC's involvement helped put
the joint venture in place, which will encourage transfer of technology
and international management practices.
School in Senegal receives $250,000 Investment
IFC has approved a guarantee to enable Groupe Scolaire Fanaicha in Senegal
to obtain a local currency loan of CFAF 150 million (US$250,000) to expand
a kindergarten institution into a high school. The project involves
building and equipping eight additional classrooms, five specialized classrooms,
a library, and boarding facilities.
©1999, International Finance Corporation
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