Washington DC, December 4th, 2014
—IFC, a member of the World Bank Group, will lend USD$10 million to Acuagranjas Dos Lagos to fund the expansion of its fish farming and processing operations in the Mexican state of Chiapas.
Acuagranjas Dos Lagos, a subsidiary of Regal Springs, plans to invest USD$24 million to eventually bring its production and processing capacity in Mexico to 70,000 metric tons of fish. The project will help address increasing demand for tilapia in Mexico and in global markets, and help efforts to reduce pressure on wild fish stocks amid three decades of steadily growing global fish consumption.
The investment will support employment in one of Mexico’s poorest states, by increasing jobs in the company to over 2,500 employees and supporting small fish farmers in the local community. The company is also supporting health clinics and schools in the local community. With over 80 percent of its citizens living in poverty, the state of Chiapas lags the rest of the country in income, social security coverage, access to health care and education.
Myrtle Turnquist, CFO and Deputy CEO at Acuagranjas Dos Lagos/Regal Springs said: “The market for tilapia, a healthy source of protein, is growing rapidly. Our investments in Mexico will help us meet this demand in a sustainable way.”
Mary Jean Moyo, IFC Regional Head of Manufacturing, Agribusiness and Services for Latin America said: “World demand for animal protein is expected to double by mid-century, and aquaculture is one of the most efficient ways of producing quality protein for a growing world population. Expanding fish farming in one of the poorest regions of Mexico will generate employment and promote food security.”
Regal Springs is widely recognized as a leader in sustainability. It was the first aquaculture company in the world to meet the International Standards for Responsible Tilapia Aquaculture (ISRTA) and to receive the WWF-sponsored Aquaculture Stewardship Council
(ASC)
certification.
By 2050, there will be two billion more people in the world; a 70 percent increase in global food production will be needed to feed them. Most of the additional investment must come from the private sector. IFC has made food security a strategic priority. We work with our client companies to raise productivity in a sustainable manner in developing countries.
IFC’s strategy in México is focused on projects that help accelerate growth, improve competitiveness, promote social inclusion, and reduce poverty. Between Fiscal Years 2011 and 2014, IFC invested USD3 billion in México, including USD$2,229 million from its own account and USD$795 million in mobilization.
About Acuagranjas Dos lagos
Established in [2007] Acuagranjas Dos Lagos is the leading tilapia farming and processing company in Mexico and one of the largest private sector company operating in Chiapas.
Its parent company, Regal Springs is the world’s largest vertically integrated tilapia producer, employing more than 8000 people in Indonesia, Honduras, Mexico, Indonesia, and the United States.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in about 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and boost shared prosperity. In FY14, we provided more than $22 billion in financing to improve lives in developing countries and tackle the most urgent challenges of development. For more information, visit
www.ifc.org
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