Theodore Alexander Limited and Saigon Fine Furniture Limited Get World Bank Group Financing
Furniture World Magazine
The International Finance Corporation, the private sector arm of the World Bank Group, announced its commitment of an $8 million loan to Theodore Alexander Limited and Saigon Fine Furniture Limited. The two companies are the main manufacturing subsidiaries of Paul Maitland International (PMI).
PMI is an innovative export company that specializes in high-quality furniture design and manufacturing. It is one of the largest furniture manufacturers in Southeast Asia and Vietnam. The IFC loan will help PMI expand its product lines and upgrade its facilities in Vietnam. In addition to providing financing, IFC will help PMI achieve wood certification for its plantation and entire wood supply chain.
“IFC wants to support international companies like PMI that are investing in frontier markets while striving to achieve good practices in their use of resources. This project promotes wood craftsmanship, where Vietnam has the competitive advantage of a skilled labor force” said IFC Vietnam Country Manager Sin Foong Wong.
"We look forward to working with IFC in this partnership. It will enhance our existing capabilities and expand our business with key subcontractors" said Randolph Austin, President of PMI. Paul Maitland International is a private company with manufacturing operations in Vietnam and distribution companies in Australia, Asia, Europe and the United States. The company employs over 7,000 workers in Vietnam.
The International Finance Corporation, the private sector arm of the World Bank Group, promotes sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. Its 178 member countries provide its share capital and collectively determine its policies.
From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications.