Announcement of IFC Makes First Investment in Mali on May 15, 1978

• International Finance Corporation IFC Press Release No. 78/27 1818 H Street. N.W. Washington, D.C. 20433, U.S.A. 202-393-6360 Monday, May 15, 1978 IFC Makes First Investment in Mali The International Finance Corporation (IFC), an affiliate of the World Bank, is making its first investment in Mali with a $600,000 loan for a $2.8 million expansion, modemization and diversification project by Societe Mamadou Sada Diallo et Freres SARL, an established, entirely locally-owned Malian manufacturing company~. Through the project the Company will increase the capacity of its bleach plant, with output intended mainly for public water supply purification and use in the local textile industry; rationalize and expand plastic goods operations; and diver- sify into extruding rigid plastic pipes for water supply, sewage and irrigation purposes. Production has been tailored to the domestic market and all output is • expected to be sold locally • The venture will help meet increased local demand for a variety of products, improve productivity, lower costs, introduce rigid plastic pipe manufacturing tech- nology into the country and reduce equipment down-time. It will also increase Company employment by 75 per cent to almost 200 workers. IFC's participation in the project resulted from an intensive program over the past few years to identify and promote private enterprise ventures. in lesser-developed countries, especially in Africa. IFC assisted in deciding the scope of the project, in financial planning and in interesting other financial institutions in investing in the venture. Caisse Centrale de Cooperation Economique, a French Government agency, is lending $600,000 for the project and Banque Malienne de Credit et de Depots, a Malian coIDiner- cial bank, is lending $300,000. Cash generation of $650,000 and suppliers' credits of $650,000 complete the financing. Societe Mamadou Sada Diallo is majority-owned by an established Malian business- man and is one of the principal private industrial ventures in the country. The project is supported by the Government. It is expected to encourage other • entrepreneurs and stimulate the development of the private sector • (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.)