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IFC INVESTS US$3.88 MILLION IN SUB-SAHARAN AFRICA


L. Joseph
Phone:(202) 473-7700
Fax:(202) 974-4384
E-mail:ljoseph@ifc.org


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 education.


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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