IFC, a member of the World Bank Group, today agreed to invest 9.79 million Canadian dollars in oil producer Candax Energy, helping the company ramp up operations in Tunisia and in turn creating jobs and boosting government revenues in the North African country.
IFC’s investment will be used by Candax to increase production at its oil fields in Tunisia’s south eastern Medenine governorate, where the company currently employs over 150 people. In addition to financing, IFC is helping Candax implement best practice environmental and social management, including close collaboration with local communities.
“Candax is pleased to welcome IFC as a shareholder and long-term partner,” said Benoit Debray, Chairman and Chief Executive Officer of Candax. ”
“The investment by IFC, a sophisticated investor with a successful track record supporting the oil and gas sector in emerging markets, will allow us to continue expanding our program in Tunisia.”
In addition to investments in the oil and gas sector, IFC’s current strategy in Tunisia focuses on supporting public-private partnerships in infrastructure projects, improving the education system, opening up credit lines to small businesses and investing in job-creating industries such as information technology, manufacturing, agribusiness and mining.