World Bank Affiliate Makes Biggest Investment
Undated (AP) _ WASHINGTON (AP) - The International Finance Corporation, a part of the World Bank, said Thursday it is making its largest investment ever in a $300 million project in Chile.
The 30-year-old corporation will buy a 7.7 percent interest at a cost of $5 million in Signal Methanol Inc., which will make methanol, or methyl alcohol, from natural gas in an installation at Cabo Negro, the southernmost tip of the country.
Most of the product is to be sold in the United States, providing Chile with $62 million a year in foreign exchange.
The International Finance Corporation will also make loans of $50 million to the new project. The corporation is owned by 128 countries, with the U.S. government owning the biggest block of shares.
Terms of the loans were not revealed.