Announcement of IFC to help Finance New Food Processing Plant in Togo March 17, 1988

March 17, 1988 Monique Amaudry Press Release No. 88/35 202/676--9331 IFC HELPS FINANCE NEW FOOD PROCESSING PLANT IN TOGO The International Finance Corporation (IFC), is providing a F 8.5 million ($1.4 million equivalent) loan to help finance a $4.3 million project in Togo for processing, blending and packaging of spices and food products. DUCROS-TOGO, a recently established private company registered in Togo, will build a new plant for this project. IFC, an agency in the World Bank Group, is the largest source of direct project financing for private investment in the developing countries. The project will involve construction and operation of a 4,500 tons per annum plant to process, blend and package spices and food products for sale in Togo and neighbouring countries. Its output will include dry fruits, peanut butter, cubes, spices, chocolate paste, candies, tea, liquid aromas and chili puree. At full capacity, the project will supply 40 to 50% of the local demand and will export 30% of its output to neighbouring countries. The share capital of DUCROS-TOGO will be held by DUCROS et FILS of France, private Togolose investors and PROPARCO, the affiliate of Caisse Centrale de Cooperation Economique of France. - MORE - -2- A $1.7 million equivalent loan will be provided by Caisse Centrale de Cooperation Economique in addition to the IFC loan. Furthermore, DUCROS et FILS will provide advice to about 100 Togolese farmers to help them increase local production of raw materials in particular ginger, basil, red pepper and peanuts to substitute for imports by up to 30% within the next five years. - END -