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Washington, D.C., May 23, 2003
—The International Finance Corporation has signed an agreement to provide a $700,000 loan (
688,400 equivalent) to Cameroon’s petroleum products transporter, Sodetran-Cam Sarl, to expand and upgrade the company’s fleet of fuel transportation trucks.
The $1.7 million project includes purchase of 10 additional tanker trailers to increase fuel transportation with Cameroon’s Mobil Oil Distribution Company. The loan will also enable the sponsor to follow the most up-to-date international safety and environmental hauling standards, completely phase out current log transportation activities, and expand other subcontracting work with the Chad-Cameroon Pipeline Project.
According to Ms. Haydee Celaya, director of IFC's Sub-Saharan Africa Department, “IFC expects Sodetran-Cam to play a catalytic role in Cameroon by respecting modern safety and environmental standards for the transportation of hazardous products.” She added that the project “will support IFC’s efforts to improve local business opportunities with the Chad-Cameroon Pipeline Project, thus benefiting local small and medium enterprises.”
IFC’s mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets,
helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Since its founding in 1956 through FY02, IFC has committed more than $34 billion of its own funds and arranged $21 billion in syndications for 2,825 companies in 140 developing countries. IFC's worldwide committed portfolio as of FY02 was $15.1 billion for its own account and $6.5 billion held for participants in loan syndications.
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