Announcement of New IFC Cameroon Investment Continues Agribusiness Support on November 22, 1978

International Finance Corporation • , 818 H Street. N.W Washington, D.C 20433, U.S.A. 202-393-6360 IFC Press Release No. 79/16 Wednesday, November 22, 1978 New IFC Cameroon Investment Continues Agribusiness Support The International Finance Corporation (IFC) is making a second equity investment in a Cameroon agribusiness venture by exercising its pre-emptive rights in a forthcoming share capital increase. The investment, $390,000 in equi.ty, is being made in S.A.F.A. Cameroon S.A..C. Approximately $1,792,000 in equity is being provided by other share- holders. Shareholders in the Company include the Rivaud Group, a large French banking and agro-industrial organization which is the technical partner; Societe • Nationale d'Investissement (SNI), a Cameroon Government development bank; and Compagnie Financiere pour l'Outre-Mer, of France. The French shareholders are waiving a portion of their pre-emptive rights in favor of SN! to permit increased Cameroon participation in the Company. As envisaged in 1976 when IFC helped finance the Company's five-year pro- gram of rubber and palm tree planting and maintenance, the Company is now in~talling a palm oil mill whose start-up has been timed to coincide with suffi- cient palm trees reaching their productive stage. This mill will be financed by the new share capital, together with a $3,273,000 loan from Caisse Centrale de Cooperation Economique of France and internally generated Company funds of $936,000. Although the Company's rubber output will continue to be exported, the palm oil will be almost entirely for the domestic market • • (Any inquiries strictly relating to IFC's participation in this project should be directed to the IFC Information Office, 1818 H Street, N.W., Washington, D.C. 20433, Telephone (202) 477-5340.)