IFC signs $25 million long-term loan agreement with Jordan’s Nuqul Group
The International Finance Corporation, the private sector arm of the World Bank Group, has signed a $25 million long-term loan agreement with Jordan’s manufacturing conglomerate, the Nuqul Group. IFC’s financing will help fund the group’s expansion and modernization in the Middle East and the restructuring of its corporate balance sheet.
Nuqul‘s core business comprises the integrated production, distribution, and marketing of hygienic paper products. FINE, the group’s flagship brand, is synonymous with “tissue paper” in Jordan and throughout the Middle East, reflecting Nuqul’s market leadership in the region.
The $25 million IFC loan will partially finance the group’s four-year capital investment program to meet the strong growth projected in their core business.
Sami Haddad, IFC’s Director for the Middle East and North Africa, said the investment underscores IFC’s commitment to investing in the region: “Nuqul has embarked on an ambitious growth plan to meet increasing demand in the Middle East. This long-term corporate loan will help the company achieve its targets for expansion and modernization.”
Dimitris Tsitsiragos, IFC’s Director for Global Manufacturing and Services, added, “Our investment in Nuqul is consistent with IFC’s strategic aim to partner with emerging global players and support a sector that brings high value-added manufacturing to emerging market countries.”
Elia Nuqul, Founder and Chairman of the Board of Directors of the Nuqul Group, said, “The IFC loan is a testament to the Nuqul Group’s commitment to sound and transparent financial systems, as well as to environmental and social values. This is the fourth time that the Nuqul Group has received a loan from IFC. It reflects our group’s long-term relationship with IFC, whose standards we respect and uphold."