Petroleum Africa
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Wednesday, April 28, 2010
The IFC has signed its first direct loan with a Chinese firm operating in sub-Saharan Africa. The $10 million loan is to aid in the continent’s sustainable development and is part of the World Bank Group’s initiative to encourage China-Africa cooperation by backing Chinese companies’ investments in Africa.
The loan will help finance a 20-story office and retail building complex in the central business district of Dar es Salaam, Tanzania. The project will help address the short supply of quality commercial property in the capital and provide increased access to high quality business infrastructure critical for economic growth. IFC is working to mobilize additional financing from East African development financial institutions for the project.
The project is a partnership between Mwalimu Nyerere Foundation, a non-governmental organization honoring the legacy of
"IFC has been tremendously helpful in supporting the environmental, social, health, and safety design of our project," said Shi Yuan, Managing Director of CRJE. "In addition, IFC is providing long-term financing structured to meet the commercial prospects of the building complex."
China’s economic development and its substantial investments on the African continent make it an important partner in the fight against poverty. IFC’s strong track record in
"Supporting Chinese enterprises for development and cooperation with Africa is one of IFC’s strategic priorities," said Lars Thunell, IFC Executive Vice President and CEO. "This investment will contribute to Tanzania’s competitiveness as a regional center, and we believe it will be the first of many transactions bringing sustainable Chinese investment to Africa."
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