•   International Finance Corporation                             1818 H Street. NW .
                                                                  Washington. D.C. 20433, U.S.A.
                                                                  202-393-6360




     IFC Press No. 78/24
     Monday, April 24, 1978


                        First IFC Investment in Trinidad and Tobago


             The International Finance Corporation {IFC), an affiliate of the
     World Bank based in Washington, D.C., will make its first investment in
     Trinidad and Tobago.
             IFC will lend $1.15 million to Canning and Company, Limited, a wholly
     owned subsidiary of Neal & Massy Holdings Ltd., and one of the major producers
     and distributors of food products in the country.    The project will have a
     total cost in excess of $4.7 million.     The balance of the project financing
     will be provided by the Royal Bank of Trinidad and Tobago and internal cash
     generation.
             The undertaking will modernize Canning's poultry processing operations,
     increase its annual capacity from eight to 31 million pounds and enable the
     Company to integrate its operations backwards into production of hatching eggs
     by developing breeder flocks on its own farms and on those of contract farmers.
             Canning will continue to rely on local feed mills for the supply of
     feed for its breeder farms and its contract farmers, for both hatching eggs
     and broilers, and will work closely w·ith the local feed mills on the quality
     of the feed required.
             IFC has played an active role in developing the venture and determin-
     ing its scope.   The project will increase the domestic supply of chicken, the
     major source of protein in Trinidad and Tobago, improve qu~lity and widen the
•    range of chicken products marketed.     In excess of 400 job opportunities will
     be created as a result.
             The project supports the Government objectives·of reducing the coun-
     try's reliance on imports, increasing production of food products and diver-
     sifying agricultural production.


~    (Any inquiries .strictly relating to IFC's participation in this project should
      be directed to the IFC Information Office, 1818 H Street, N.W., Washington,
      D.C. 20433, Telephone (202) 477-5340.)