Financing the Mozal Project

Case Solution

Benjamin C. Esty, Fuaad A. Qureshi
Harvard Business School ()

It’s June 1997 and a team from International Finance Corp. (IFC) recommends that the board approve a $ 120 million investment in a $ 1.4 billion aluminum smelter in Mozambique, known as Project Mozal. Four factors make the investment controversial: it would be the largest IFC investment in the world, the total investment is almost as large as Mozambique’s Gross Domestic Project (GDP), Mozambique had just emerged from 20 years of civil war, and several key contracts Issues remained unresolved. Since commercial banks have refused to finance the business unless the IFC is involved, the sponsors have requested the IFC’s involvement. It remains to be seen whether IFC’s board of directors will agree that the time and place for such a large investment is right.

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