The International Finance Corporation (IFC), an arm of the World Bank, is lending the African subsidiary of Chinese manufacturer Keda Industrial Co. Ltd US$33.5 million to build a factory in Mozambique for making ceramic tiles, the parent company says.

Keda Industrial told the Shanghai Stock Exchange in writing that the money is part of US$165 million that the IFC is lending the subsidiary for seven years to build factories in Mozambique, Cameroon and the Democratic Republic of Congo to make ceramic tiles for the African construction industry.

The parent company says it already has tile factories in Ghana, Kenya, Senegal and Tanzania.

Annual sales outside China of ceramics made by Keda Industrial for the construction industry grew by 31.3 percent last year to 1.06 billion yuan (about US$150 million), and the margin of gross profit on that revenue was over 30 percent, the company told the stock exchange.