Announcement of IFC Invests US One Million Dollars in Tanzania : Support for Agro-Industry on February 10, 1998

IFC INVESTS US$1 MILLION IN TANZANIA —Support for Agro-Industry— DAR ES SALAAM, TANZANIA, FEB. 10—The International Finance Corporation (IFC) will provide a long-term loan of US$1.0 million to Maji Masafi Limited, Tanzania, to finance the US$2.8 million expansion of a fruit flavored drinks plant by adding machines and equipment and producing polystyrene cups. The expansion will increase competition in the Tanzanian drinks market by introducing a relatively affordable drink packaged in a simple, hygienic and attractive format. It will also generate employment and income for street vendors. The product, known as "Safi" (meaning pure), has already had a successful market debut. Besides providing long-term financing, IFC's involvement also included a comprehensive assessment of the project. Mr. Jannik Lindbaek, Executive Vice President of IFC, who signed the agreement on behalf of IFC, said in Dar es Salaam, "We are very pleased to be involved in a sector that has as much potential as agribusiness. IFC considers that economic growth and poverty reduction in Tanzania and throughout Africa will depend largely on the development of this key sector." IFC, a member of the World Bank Group, is the largest multilateral source of equity and loan financing for private sector projects in developing countries. In Tanzania, since 1960, IFC has invested US$91 million in 32 projects, of which US$78 million was for its own account. IBRD IDA IFC MIGA ICSID