WASHINGTON, D.C., February 28, 2000 —
The International Finance Corporation will provide US$51 million in financing for a newly created company, Messer Trinidad & Tobago Limited (MTTL), which supplies competitively priced industrial gases to local industries.
MTTL adheres to strict environmental guidelines in supplying oxygen, nitrogen and hydrogen to industrial enterprises. The project will strengthen the competitiveness of the local petrochemical, metallurgical and other industrial sectors, by allowing them to focus on their core competencies and outsource for their industrial gas needs.
Rashad Kaldany, Director
of IFC's Oil, Gas and Chemicals department noted that this first IFC investment in four years in Trinidad and Tobago offers the long-term financing that is needed for such greenfield projects. It will help MTTL, and in turn, it will make Trinidad and Tobago an increasingly attractive investment location.
The MTTL project is a joint venture between Messer Griesheim GmbH, a privately held German industrial gas company, and Neal & Massy Holdings, a Trinidad-based diversified conglomerate engaged in trading, manufacturing, industrial gases, financial and other services.
IFC's investment includes an A-loan of up to $11 million for IFC's own account, a syndicated B-loan of up to $30 million for the account of participant banks, and a C-loan of up to $10 million for IFC's account with a deferral mechanism.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
