IFC offers US$50m loan to Shanshui Group
(Xinhua)
Updated: 2006-05-17 14:59
The International Finance Corporation (IFC), the private sector arm of the
World Bank Group, signed a 50 million US dollar loan agreement with Shanshui
Group, a leading cement producer in East China's Shandong Province. IFC said the
loan will be used by the cement group in debt restructuring and for installation
of energy efficient technology.
Lars Thunell, IFC executive vice preisdent, said Shanshui Group's investment
in environmentally friendly technology should serve as a model for other
companies in key industrial sectors across China as they strive to achieve
international standards.
IFC's loan follows a 7.7 million equity investment it made in the cement
group last year, and the group meets the World Bank Group limits for particulate
emissions at all plants.
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