MONROVIA, Liberia (July 22, 2008) — International Finance Corp. said it will provide a $10 million, 11-year loan for Liberia's Salala Rubber Corp. to help rehabilitate and expand its plantations, optimize processing capacity and increase employment.
The investment is the IFC's largest agribusiness deal to date in Liberia.
Salala Rubber said it will use part of the funds to bolster social infrastructure that was damaged during Liberia's civil conflict. The timeframe will provide the flexibility to invest in rubber trees, which typically start producing latex in their seventh year after planting, the company said.
Oscar Chemerinski, IFC director for agribusiness said this financing agreement demonstrates his company's confidence in Liberia's economy and the future of the sector.