Mozambique: IFC in U.S.$30 Million Loan Proposal to Dar Grain Group East African Business Week (Kampala) Daniel Christopher Dar es Salaam A member of the World Bank Group, the International Finance Corporation (IFC) is proposing a corporate loan facility of up to $30 million to Bakhresa Grain Milling (Mozambique) Limited aimed at financing Mozambique's Nacala Port Project. The facility would also support other projects in Malawi and Tanzania at a later stage. Already, the summary of the proposed investment has been prepared and distributed to the public in advance of the IFC board of directors' consideration of the proposed transaction. This, according to IFC, aims to enhance transparency of the IFC's activities. The IFC board of directors is expected to meet on November 30th, 2007. In this investment, the Bakhresa Group is considering building silos for the storage of wheat at the Nacala Port, Mozambique. The silos would be erected at the port of Nacala with BGM Mozambique. Construction of modern grain bulk handling and a storage facility, refinancing of debt and elected capital expenditures for operating flour mills in Malawi and Tanzania would be part of this multimillion dollar investment program. According to IFC, the project would ensure significant development impact including jobs maintenance and creation as well as ensuring food security. It will increase government's revenue, both in Mozambique and Malawi through increased corporate tax and it's also expected to improve the rail's operation between Mozambique and Malawi. The role of the IFC would be to help improve Bakhresa's corporate governance and achieve high environmental and social standards, including food safety to comply with international standards, labour management and reduce incidence of HIV/AIDS. IFC believes that such a project is a strong sign of confidence to the market for Mozambique, Malawi and Tanzania.