WASHINGTON, D.C., Oct. 6 -- The International Finance Corporation (IFC) has signed a FF 81 million loan agreement (US$13.7 million equivalent) with MaFra a.s.
MaFra a.s. publishes Mlada Fronta Dnes, one of the major newspapers in the Czech Republic. It is 52% owned by MaF a.s. and 48% owned by Socpresse S.A., which is part of the Hersant Group and is the largest news publisher in France. MaF a.s. is a Czech joint-stock company formed by 65 journalists. Mlada Fronta Dnes is the first politically unaligned major newspaper in the Czech Republic.
The project will allow MaFra to improve the quality of the newspaper, attain greater flexibility in printing, and introduce supplements to enhance the newspaper. It will also increase printing capacity in the Czech Republic, where printing is currently done by a state-owned facility.
MaFra will also use part of the financing to modernize and expand its pre-press operations and acquire an administrative and editorial headquarters. The total project cost is estimated at US$39 million.
IFC is a member of the World Bank Group and the largest multilateral source of equity and loan financing for private sector enterprises in developing countries.
