Announcement of IFC Approves Loans for Three Projects in Ghana

IFC APPROVES LOANS FOR THREE PROJECTS IN GHANA The International Finance Corporation (IFC) has approved loans totaling US$1.33 million equivalent for one hotel and two industrial companies in Ghana: Shangri-La Hotel, Alugan Company Limited, and Top Packaging Limited (TOPACK). All of the loans will be made by IFC's Africa Enterprise Fund (AEF), which finances projects with costs between US$250,000 and US$5 million. IFC, a member of the World Bank Group, is the largest multilateral source of financing for private sector projects in developing countries. AEF's US$300,000 loan for Shangri-La Hotel will help finance a US$600,000 refurbishment program, including the purchase of new air-conditioning equipment and furniture, the construction of eight additional rooms, and the installation of satellite television facilities. The loan of US$100,000 approved for Alugan, a producer of aluminum doors and windows, will help finance the completion of an expansion program begun in 1991. The company, which is adding ceiling and cladding panels to its range of products and moving from louvre assembly to louvre production, will replace some of its equipment, acquire new machinery, and complete the construction of a new factory. AEF's US $930,000 loan for TOPACK, a manufacturer of household and industrial plastic packaging materials, will help finance an expansion program. To meet growing domestic demand for its products, the company plans to increase the variety of its products as well as the volume, from 2,000 to 3,500 tons per year, and recycle about 200 tons of plastic waste from its manufacturing process each year. The Africa Project Development Facility, an agency co-sponsored by IFC, the African Development Bank, and the United Nations Development Programme, carried out a project study for the company. IBRD IDA IFC MIGA ICSID