PCB | July 28, 2008
IFC in cooperation with Fuba Tunisia
IFC, a member of the World Bank Group has started to cooperate with Fuba in Tunisia. The investment will contribute to the growth and development of an export-oriented Tunisian high-technology company.
As part of the investment, IFC will acquire 19 percent of the company’s stock. This will be IFC’s first investment in the Tunisian manufacturing sector in more than 10 years. Slim Sellami, Fuba’s CEO, said, “We are grateful for IFC’s support. It shows trust in our ambitious growth strategy.” Moncef Sellami, Fuba’s Chairman, added, “With a global partner such as IFC, Fuba’s development will most likely have a positive impact on many other investment projects in Tunisia.” “IFC’s partnership with Fuba will have a strong impact in the country by enhancing the technological competitiveness of a key Tunisian export player, creating job opportunities for university graduates and improving environmental and social standards as well as corporate governance,” said Dimitris Tsitsiragos, IFC Director for Global Manufacturing and Services.