IFC backs RI project

IFC backs RI project

WASHINGTON (Reuter): The International Finance Corporation, a World Bank unit, said it was backing loans totaling US$35 million to fund expansion plans by Indonesian metals firm PT Alumindo Light Metal Industries.

An IFC statement said the financing -- $15 million on the IFC's own account and $20 million for the account of participating banks -- would be used to expand Alumindo's production of cold rolled aluminum sheet and foil.

The expansion project will cost a total of $97.4 million. The IFC said it would enable Alumindo to boost output of sheet aluminum to 84,000 tons, from 54,000 tons and of aluminum foil to 13,200 tons from 7,200 tons.

"Alumindo's expansion will help modernize its operations, making it more competitive on the international market and enabling it to supply Indonesian manufacturers with better quality and cheaper aluminum products," IFC regional director Rashad Kaldany said.