|
Ho Chi Minh City, Vietnam, June 16, 2016
—IFC, a member of the World Bank Group, is helping Anova Corporation to build more animal feed facilities in support of the country’s growing livestock industry, contributing to food safety and creating hundreds of jobs.
IFC has provided VND 340 billion (about $15 million equivalent) through a five-year convertible bond to support one of the company’s subsidiaries Anova Feed Joint Stock Company to expand animal feed production. The investment will help the feed producer construct two additional mills in Dong Nai and Hung Yen provinces and a warehouse in Long An province over the next two years. Once the new feed mills and warehouse come online, more than 500 new jobs will be created to supply products to nearly 40,000 farmers across Vietnam.
Domestic demand for meat has been on the rise given the country’s growing population and higher standards of living. Vietnam's agricultural landscape is driven by small farms and its farmers are looking to make sustainable strides in biosecurity and feed quality.
“IFC’s financing will help Anova Feed triple its production capacity, providing quality and reliable feed to the fast growing animal protein sector in Vietnam,” said Nguyen Hieu Liem, Chief Executive Officer at Anova Corporation. “We are also seeking IFC’s advice in expanding our reach to other countries and strengthening corporate governance standards in preparation for a listing.”
In addition to financing, IFC will help Anova Feed pursue sustainable operations by adopting IFC Performance Standards and the World Bank Group Environment, Health and Safety Guidelines.
“IFC aims to support the sustainable development of Vietnam’s agricultural sector, which is rapidly growing and accounts for more than 20 percent of the country’s gross domestic product,” said Kyle Kelhofer, IFC Country Manager for Vietnam, Cambodia and Lao PDR. “By supporting companies like Anova Feed, we are promoting the development of efficient and sustainable local private enterprises along the agribusiness supply chain as a driver of competitiveness and improvement in agriproducts in the local market.”
IFC has significantly scaled up its investments in agribusiness in recent years. In the fiscal year ended in June 2015, IFC invested $3.0 billion across the agribusiness supply chain—from farm to retail—to help boost production, increase liquidity, improve logistics and distribution, and expand access to credit for small farmers. At the end of the fiscal year, IFC’s committed agribusiness portfolio stood at $5.2 billion.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
Stay Connected
About Anova Corporation
Anova Corporation has been a leading force in veterinary medicine in Vietnam since 1992. Originally Thanh Nhon Limited Company, Anova Corporation has nine subsidiaries that support animal health, feed and farming. The company specializes in the distribution of raw materials and additives for the veterinary industry. Looking ahead, Anova Corporation remains committed to its mission of delivering a high standard of product, helping farmers improve productivity and protecting community health. For more information, please visit
www.anovacorp.vn
.
About Anova Feed JSC
Anova Feed was established in 2012 as part of Anova Corporation to supply animal feed with higher performance metrics. The company applies the scientific advancements afforded by a close working relationship with world’s leading nutrition experts. Anova Feed consistently delivers high quality, affordable feed to farmers, earning industry-wide recognition as indicated by its slogan: “Anova Feed is the No. 1 brand for quality and efficiency”. For more information, please visit
www.anovafeed.vn/vn
.
|
