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World: IFC Loan Approved for Croatian Cement Plant

Washington, 11 June 1997 (RFE/RL) - The International Finance Corporation (IFC) has approved a 13 million-dollar loan to the Koromacno Cement plant, one of the largest in Croatia, for a complete renovation and modernization of the facility.

The IFC, the private sector arm of the World Bank, says the project will cost 64 million dollars, with most of the financing to come from the Swiss cement giant Holderbank corporation. Holderbank owns a majority share of the plant in the Croatian village of Koromacno.

IFC officials say the cement plant is vital for the rebuilding of the area.