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Washington, D.C., January 15, 2009--
IFC, a member of the World Bank Group, has signed a $16 million loan agreement with the CTI Group that will help develop the transportation and logistics sector in the Middle East and North Africa and support CTI’s continued growth as it expands in the international cement shipping and trading industry.
Cement transportation requires special handling and storage conditions. The CTI project will enhance efficiency of the global cement market by facilitating the transportation of cement between countries with surpluses and those facing shortages.
IFC’s loan demonstrates to local banks the viability of providing longer-term financing for shipping companies in the region, particularly under the difficult conditions currently prevailing in the market.
“Our strategy focuses on helping private companies expand operations regionally and globally in a way that improves the integration of local economies,” said Michael Essex, IFC Director for the Middle East and North Africa. “This investment supports a Jordanian company that is a leader in the global cement shipping and trading industry.”
Mazem Dajani, CEO of CTI, said, “We are pleased to have IFC’s support at such a challenging time. With this financing, we plan to upgrade and renovate our shipping fleet as well as expand its size by developing new cement markets.”
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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About CTI
Based in Amman, Jordan, CTI Group was established in 1990 as a cement and clinker trading company. Its activities now cover all aspects of logistics for specialized cement trade, including trading, handling and transportation. The company’s shipping subsidiary, Arrow Ship International Inc, is one of the largest specialized cement carrier fleet owners in the world and also operates a sizeable dry bulk carrier fleet. For more information, visit
www.cti-grp.com
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