Tilemaster Loan (IFC-47577)

  • Ghana
  • Mauritius
  • Tanzania
Geographic location where the impacts of the investment may be experienced.
Specific Location
Mkuranga (Tanzania), Takoradi (Ghana)
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
May 25, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Tilemaster Investment Limited, Brightsar Investment Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Project Cost (USD)
$ 409.13 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 370
Converted using 2023-04-24 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 17, 2023

Disclosed by Bank Apr 24, 2023

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

As stated by the IFC, the proposed investment will be up to €200 million debt facility consisting of up to €154m IFC A-loan and up to €46m MCPP to Tilemaster Investment Ltd., an existing IFC borrower. The financing is proposed to be unsecured, and fully guaranteed by Keda Industrial Group Co. Ltd. The proposed loan will finance Tilemaster’s €370m corporate capital investment program and long-term working capital needs in Africa in order to (i) expand production within the existing operational footprint in Ghana by adding a new production line for both ceramic tile and sanitary ware (ii) set up an architectural flat glass plant in Tanzania (in Mkuranga, 50 km south of Dar es Salaam) with estimated production of 219K tons of glass per annum.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

As stated by the IFC, Keda (51% shareholder of Tilemaster) is a leading global ceramic machinery manufacturer listed on the Shanghai Stock Exchange. Its core business segments include building materials machinery, building materials such as ceramic tiles, and lithium-ion battery.

Sunda (49% shareholder of Tilemaster) is an Africa-focused manufacturing and trading company. Sunda has an extensive trading network that distributes building materials (ceramic tiles), consumer products (washing powders, diapers, sanitary towels) and hardware in more than 20 countries in Sub-Saharan Africa. It also has a growing manufacturing base with 15 manufacturing plants across 10 countries.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Brightstar Investment Limited Client Finance
- - - - Keda Industrial Group Co Ltd Investor Industry and Trade
- - - - Sunda Group Company Limited Investor Industry and Trade

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

General IFC Inquiries - IFC Communications:

Address: 2121 Pennsylvania Avenue, NW, Washington DC 20433
Telephone: +1 202-473-3800
Fax: +1 202-974-4384

Client - Tilemaster Investment Limited:

Frank Li - Chief Finance Officer
Phone: +86 18934365778
Email: frank.q.li@twyfordtile.com
- No 1, Huanzhen Xi Road, Guanglong Industrial Zone, Chencun, Shunde, Foshan, Guangdong, China
- Keda (Ghana) Ceramics Company Limited, B918/17 South Odorkor, Bushia Junction, Accra, Ghana
Website: https://twyfordtile.com/ 


You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.


The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

How it works

How it works