IFC Investment in Salala Rubber to Help Boost Liberia’s Agribusiness, Increase Rural Employment
Washington, D.C./Monrovia, July 2008—IFC, a member of the World Bank Group, will provide long-term financing to Salala Rubber, one of Liberia’s leading rubber companies, to help rehabilitate and expand its plantations, optimize processing capacity, and increase employment. The $10 million, 11-year loan is IFC’s largest agribusiness investment to date in this post-conflict country.
Salala Rubber will use part of the funds to develop and upgrade social infrastructure that was damaged during Liberia’s civil conflict. The loan’s long tenor will provide the company with the flexibility to invest in rubber trees, which typically start producing latex in their seventh year after planting.
“IFC’s financing will help expedite the rehabilitation of our plantations and allow us to make critical upgrades to worker housing, clinics, and schools,” said John Hawkins, Salala Rubber Corporation’s Board Chairman. “This investment is a vote of confidence in our company.”
“Developing agribusiness in Liberia and other post-conflict countries is a priority for IFC. The sector has the potential to create significant rural employment and generate income,” said Imoni Akpofure, Acting IFC Director for Africa.
“IFC is keen on developing the agribusiness sector in Sub-Saharan Africa,” said Oscar Chemerinski, IFC Director for Agribusiness. “This financing to the Salala Rubber Corporation demonstrates our confidence in Liberia’s economy and the future of the sector.”
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.