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WASHINGTON, D.C., July 14 -- The International Finance Corporation (IFC) will invest US$13 million in ZZZ PNG Cannery Pty. Ltd., to help finance the construction of a tuna cannery at Sek Harbour near Madang town in Papua New Guinea. This is IFC's first investment in Papua New Guinea. The financing will be used to build a processing plant with a daily capacity of 200 tons, a cold storage facility, and a wharf. The cannery will process tuna caught in the southwestern Pacific. The processed tuna will be exported, primarily to western Europe, and is certified dolphin-free. The cannery will employ over 1,000 local workers, making it one of the largest employers in Papua New Guinea, outside the mining and plantation sectors. IFC's financing will consist of an equity investment of US$1 million in the form of cumulative preferred shares, and a loan of US$12 million. The total cost of the project is US$55 million. The sponsors are the Z Group of companies, consisting of family-owned businesses based in the United Stat
es. "The cannery will establish a domestic processing industry for tuna in the southwestern Pacific and will therefore be an important development for Papua New Guinea's fishing industry," said Mr. Karl Voltaire, Director of IFC's Agribusiness Department. "It will also provide local fishing companies with a market for their catch." IFC is a member of the World Bank Group and is the largest multilateral source of equity and loan financing for private sector projects in developing countries.
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