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Kolkata, Jul 02 (UNI) IFC, the private sector arm of the World Bank Group, will provide a long-term loan of US $40 million to West Coast Paper Mills Limited, an integrated printing and writing paper manufacturer in Karnataka.

IFC's support would help the company modernise and expand its capacity.

Part of the loan would be used to fund the installation of a new chlorine-free fibre line to eliminate a major source of pollutants from pulping operations.

West Coast Paper Mills Chairman S K Bangur said, '' The paper industry in India has been highly fragmented with a capacity of 6.8 million ton per year distributed among over 500 players. We hope to improve the sector's efficiency and enhance our competitiveness. '' IFC Director for South Asia Paolo M Martelli said, '' With this loan, IFC will help strengthen West Coast's cost competitiveness, helping a key player in the paper industry achieve international standards in environmental and social performance. The project will also help increase the company's capacity and enhance its productivity. '' IFC, the private sector arm of the World Bank Group, promotes open and competitive markets in developing countries. In India, IFC holds a portfolio of $1.3 billion (as of June 2006), its fourth-largest country portfolio.

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