ERJ staff report (DS)
Monrovia, Liberia -- IFC, a member of the World Bank Group, will provide long-term financing to Salala Rubber, one of Liberia's leading rubber companies, to help rehabilitate and expand its plantations, optimise processing capacity, and increase employment. The $10 million, 11-year loan is IFC's largest agribusiness investment to date in this post-conflict country.
Salala Rubber will use part of the funds to develop and upgrade social infrastructure that was damaged during Liberia's civil conflict. The loan's long period will provide the company with the flexibility to invest in rubber trees, which typically start producing latex in their seventh year after planting.
â€œIFC is keen on developing the agribusiness sector in Sub-Saharan Africa,â€ said Oscar Chemerinski, IFC Director for Agribusiness. â€œThis financing to the Salala Rubber Corporation demonstrates our confidence in Liberia's economy and the future of the sector.â€
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Press release from IFC