Announcement of Inauguration of IFC Investment Project Societe lndustrielle d'Engrais au Senegal (SIES) on May 17, 1968

0 HOLD FOR RELEASE INTERNATIONAL FINANCE CORPORATION 1 318 H STREE·T, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 . (i ;I I, IFC NEWS RELEASE NO • 68 /\~ Subject: Inauguration of IFC For Re lease in Morning N(~wspaper \\ s Investment Project Societe of Friday, May 17, 1968 \\ lndustrielle d'Engrais \\ \ au Senegal (SIES) M'Bi\P, Senegal, May 16 -- Senegal's reliance on fertilizer imports ends today with the inauguration ,of a new CFAF 3,100 million (US$12.4 million) fertilizer plant here. Mr. Leopold Senghor, President of the Republic of Senegal, attended the ceremonies. The plant, built and operated by a new company, Societe lndustrielle • d'Engrais au Senegal (SIES), is the first fertilizer production facility of its kind in West Africa. It will produce a wide range of complex fertilizers in quantities sufficient to supply all of Senegal's needs. In addition, during the initial few years(-\~ operation the SIES project - ·-/ will have enough capacity to export fertilizers to neighboring African countries. The inauguration of SIES was marked by the presence of Mr. Clemens von Velsen, Vice Chairman of SIES and Chairman of Snlzdetfurth A.G. of Germany, a SIES sponsor, and of officials from several countries and five econOL\ic development institutions. These included Mr. Martin M. Rosen, Exec~~ive Vice President of the International Finance Corporation (IFC), which made the largest investment in the project, Mr. Yves le Portz, Vice Chairman of the European Investment Bank (EIB), Mr. Jacques Hyafil, • Director of Caisse Centrale de Cooperation Economique, of France, and Mr. Hamet Diop, Director General of the Senegalese National Development Bank. (more) • - 2 - Also taking part were the Dakar Representatives of the French Govern- .. \I ment organization, the Fonds d 'Aide et de Coope~ 1ation, Mr. Rene Blanchard; · II 1/ Mr. Alan Bar, ·Manager of Overseas Services of s/)ciete Commercial des II Potasses et de l'Azote; Mr. Louis Saulgeot, Vice Chairman of Societe Senegalaise d'Engrais et de Produits Chimiques; Mr. Adolphe Beauvais, Executive Director of Societe Senegalaise des Phosphates de Thies, a sub- sidiary of the French chemical concern, Pechiney-Saint Gobain; Mr. Henri Ancelle, Vice Chairman of Compagnie Senegalaise des Phosphates de Taiba; and Mr. Claude Desanges, Chairman of Compagnie des Eaux et de l'Electricite de l'Ouest Africain. IFC is the affiliate of the World Bank specializing in development • of the private sector of low income countries. EIB is the investment bank of the European Economic Connnunity, making loans to African and Malagasy states associated with the EEC under the Yaounde Convention. Caisse Centrale is the French institution making loans to developing countries, Fonds d'Aide is the French agency for making loans on concessionary terms to developing countries, and· the Senegalese National Development Bank is the official organ of the Senegalese Government for financing industry and agriculture. The Senegalese Government has for some time been encouraging greater agricultural productivity mainly through the use of fertilizers. This program has already had an impact on local production of peanuts, Senegal's main crop and chief·export, but required substantial fertilizer imports. The flexible SIES plant was designed specifically to meet Senegal's • requirements and resources. It utilizes local rock phosphate which is considered among the best in the world, together with imported sulphur, ammonia and potash. (more) • • - 3 - Construction of the plant was begun in 1966, and was completed on schedule. SIES will employ 180 people at full capacity, most of whom will be Senegalese. Local staff will be trained to take over, as early as pos- sible, tho,e positions that are to be initially filled by Europeans • • •