West Coast Paper Mills secures $40 mn IFC loan

BANGALORE: The World Bank's lending arm, IFC will provide a long-term loan of $40 million to West Coast Paper Mills Limited, an integrated printing and writing paper manufacturer in Karnataka.

IFC's support would help the company modernise and expand its capacity and a part of the loan would be used to fund installation of a new chlorine-free fibre line to eliminate a major source of pollutants from pulping operations, West Coast Paper Mills said in a release here.

The loan would also help improve West Coast's debt profile, the company said.

In India, IFC's investment portfolio stood at $1.3 billion as of June 2006, while its cumulative commitment to Indian projects since 1956 has grown to $3.3 billion.