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Sifca to Invest $417 Million in Africa Palm-Oil Expansion

Sifca Group, which owns Africa’s biggest palm-oil refinery located in Ivory Coast, said it plans to spend $417 million in the next five years on plantations and factories in Ghana, Nigeria and Liberia.

The company, which is also West Africa’s largest rubber producer, will use the 35 billion CFA francs ($70 million) it raised through the sale of bonds last week to pay for the expansion and will finance about 36 percent of the plan itself, Chief Executive Officer Bertrand Vignes said in a July 16 interview. The rest of the funds will come from bank loans and partnerships, he said. The total investment figure was in a statement handed by the company to Bloomberg News the same day.