IFC approves loans for Chinese company to boost production in Africa

(Xinhua) 13:35, September 08, 2023

ACCRA, Sept. 7 (Xinhua) -- The International Finance Corporation (IFC), a member of the World Bank Group, has approved the provision of 107 million U.S. dollars in loans to China's Sunda International Group to ramp up its production in five African countries.

The IFC said in a statement late Wednesday that it has signed an agreement with the Chinese manufacturing firm to expand its production facilities in Cote d'Ivoire, Ghana, Guinea, Kenya and Nigeria.

Sunda will invest 48 million dollars to establish a powder detergent production factory in Ghana's capital of Accra and increase the production of diapers and other personal care products.

In Cote d'Ivoire, IFC's 24 million dollars will help the Chinese company build a factory to produce construction materials, including sheet metal and reinforcement bar products. The company will also invest 35 million dollars to enhance the production of personal care products in Nigeria, Guinea and Kenya.

"IFC is committed to strengthening manufacturing in Africa because it builds skills, creates jobs, and helps ensure that essential products are more readily available and affordable on the continent," said Dahlia Khalifa, IFC's regional director for Central Africa, Liberia, Nigeria and Sierra Leone.

In the meantime, the Chinese company said that it values the partnership with the IFC, which will help increase the company's production in five key African markets and promote exchanges between the private sectors in China and African countries to boost local employment and economic growth.

(Web editor: Zhang Kaiwei, Liang Jun)


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