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IFC Financing Helps Avenell Engineering Provide New Wharf for Port Moresby

Port Moresby, Papua New Guinea, July 9, 2013 – IFC, a member of the World Bank Group, will provide a $4 million loan to help Papua New Guinea’s Avenell Engineering Systems Ltd. complete the construction of a wharf and a boat ramp, which will help ease port traffic and boost employment and trade in the capital of Port Moresby.
The new wharf – with a 180-meter berth and a 40-meter ramp – is being built at the Ravuvu Industrial Park on Napa Napa Road, about 20 kilometers west of central Port Moresby. The loan will allow AES to buy additional machinery and equipment to finish the project and upgrade port services, easing congestion at Port Moresby’s busy main port.
“IFC’s support provides us with the certainty of stable long-term financing and advice,” said AES Director Dominic Avenell. “IFC will also help us establish a comprehensive environmental and social management system for our entire operation, which will boost our competitiveness when we seek contracts with international and local firms that demand global best practices in this area.”
This is IFC’s first partnership with AES, which has interests in housing construction, wharf and port operations, storage, and other services that support the mining sector, a key driver of Papua New Guinea’s economic growth.
“AES is a strong advocate for gender equality and a founding member of the Papua New Guinea Business Coalition for Women,” said IFC’s Director of East Asia and the Pacific Sérgio Pimenta. “Its growth will stimulate the country’s economy and create more job opportunities for women as well as men.”
IFC has been working on improving Papua New Guinea's investment climate and increasing access to finance for its female entrepreneurs. IFC also helps to give women a greater voice through the Papua New Guinea Business Coalition for Women, which helps women network and advance in the workplace.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org .
About AES
AES was incorporated in 1997 and began trading in East New Britain Province as an electrical contractor and wholesaler. Since its establishment, AES has extended its capabilities and now specializes in project design, management and execution of a variety of services tailored to Papua New Guinea conditions. The AES board has committed to a strategic vision to achieve global standards in its safety, environmental and social goals and achieve a leadership status amongst companies in Papua New Guinea.