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Lebanon’s Indevco Group has secured $26.4 million in investment support from International Finance Corporation (IFC) for its new $76.8 million tissue paper mill, according to The Daily Star, Egypt.
The greenfield mill, called Interstate Paper Industries, will use wastepaper as its primary source of raw material. IFC is the private sector arm of the World Bank Group.
The mill will ultimately employ 170 people, produce 50,000 tpy of tissue paper, and recycle 22,000 tpy of wastepaper. It will bring the company’s tissue capacity to more than 80,000 tpy.
Production is due to start mid-2008, and output is due to be exported to converters across the Middle East, Africa, and Europe.
An estimated 1,000 new wastepaper collection agents will be needed to gather discarded office and copy paper, as well as printer trimmings, and deliver these supplies to the mill.
“IFC is delighted to provide another round of financing to a client that is committed to high standards of business ethics and social responsibility, in a project that creates jobs and expands Egypt’s recycling market,” said Lars Thunell, head of IFC. “IFC’s financing will support the company’s export-oriented manufacturing strategy and will enhance the company’s environmental profile, further reducing its reliance on virgin pulp.”
“IFC’s investment was crucial for us to move forward with this exciting tissue mill project, and we are glad to have IFC as a long-term partner,” said Neemat Frem, president and CEO of Indevco SAL. “We see this project as complementing our growth strategy in the region,” he added.
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