Hong Kong, August 25, 2006
- The International Finance Corporation, the private sector arm of the World Bank Group, has invested $10 million in Epure, a holding company for Beijing Sound. The investment will expand water and wastewater treatment capacity in China and support Epure as it proceeds with its proposed IPO on the Singapore stock exchange.
Epure is a Singaporean holding company that owns 75 percent of China's Beijing Sound. The company provides turnkey engineering, procurement, and contracting services to municipal and industrial customers in the rapidly growing water and wastewater treatment sector in China. Epure is majority controlled by Wen Yibo and his family, who have completed numerous water and wastewater treatment projects in China since their entry into the industry in 1997.
“We are pleased to have IFC as a partner at this critical stage in our development, and we look forward to using our joint expertise to expand water and wastewater treatment capacity in China,” said Mr. Wen, Chairman of Epure.
China is one of the world’s 13 lowest-ranked countries in per capita water resources, according to the United Nations, and these resources are expected to decrease further as the population grows. Only 40 percent of China's wastewater is treated before disposal. The remaining 60 percent goes untreated and ends up polluting the country's rivers.
"IFC's investment in Epure will support the development of China’s water and wastewater sector and will contribute to public health and environmental improvements for the country’s population," said Francisco Tourreilles, Director of IFC's Infrastructure Department.
“Supporting private sector participation in infrastructure is one of IFC’s strategic priorities in China. Our investment in Epure will support the government’s liberalization policies for the water and wastewater sector. Private companies can play an important role in scaling up reform in the water and wastewater sectors, which are crucial to China’s sustainable development,” added Richard Ranken, IFC’s Director for East Asia and the Pacific.
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
.
