KUALA LUMPUR, Dec. 19 (Xinhua) -- The World Bank has provided a 70-million U.S. dollar financing package to a Malaysian paper and packaging manufacturer for sustainable paper production.
The money was given to XSD International Paper Sdn Bhd (XSD), a manufacturer of coated duplex board paper and grey board in Malaysia, through the International Finance Corporation (IFC), World Bank's private sector arm.
IFC said in a statement on Thursday that the funding, which includes a 28-million-dollar green loan, will finance XSD's planned construction of a cogeneration plant in Kulim, Kedah, which will use biomass to produce electricity and steam. The remaining financing will be used to fund a third production line for duplex board paper.
The project is expected to generate economic benefits by creating an estimated 750 direct jobs and 1,810 indirect jobs, lifting incomes for local communities in the state of Kedah.
Carsten Mueller, regional industry director of manufacturing, agribusiness and services in Asia Pacific at IFC, said its partnership reflects their commitment to creating jobs and promoting best practices, while promoting inclusive and sustainable growth in the country. ■
