Washington, D.C. /Buenos Aires - May 31, 2017
—IFC, a member of the World Bank Group, and Rabobank arranged a $410 million financing package to support the expansion of the agribusiness company Renova in its Timbues plant, in the province of Santa Fe.
The financing will increase the soybean crushing capacity of the plant in 50 percent and double the port’s loading capacity with a new grain port. When completed, the financing would have contributed to add 300 new permanent quality jobs and benefit 8,500 farmers. Renova is a joint venture between Vicentin and Oleaginosa Moreno Hermanos.
The package consists of $75 million from IFC’s own account, $75 million from Rabobank, and $260 million from other development finance institutions and commercial banks including: IIC, FMO, ING, Santander, Natixis, ICBC, ABN, and Itau. IFC and IIC acted as lenders of record.
“IFC and Rabobank’s engagement has been key to mobilize additional funding from other development and commercial banks, at longer terms from what it is currently available in the country,” said Sergio Gancberg, Renova’s President. “We are delighted with the support to our expansion plans from IFC, Rabobank and participating institutions,” Sergio Nardelli, Renova’s Vice-President, added.
“This investment is part of IFC’s commitment to support a vibrant agribusiness sector in Argentina which is a key contributor to economic and social growth”, said David Tinel, IFC Manager for Argentina, Chile, Paraguay and Uruguay. “It will also enhance port infrastructure, an essential driver to improve logistics and competitiveness in the oilseeds and grains supply chain in Argentina,” he noted.
“Rabobank has serviced agribusiness companies in Argentina for over two decades. This transaction evidences that continued support and demonstrates Rabobank’s commitment to the country, the sector and its clients”, said Rafael Bonasso, Representative of Rabobank. Rabobank has been active in Argentina since 1993 as a Representative Office, and over the years, has built strong relationships across the industry, and a portfolio of over US$ 1.3 billion. “We look forward to continuing supporting our clients in the coming years, and hope, for the benefit of the sector, for more investments of this magnitude”, noted Rafael.
With about a 45 percent share of global trade, Argentina is one of the largest and most competitive exporters of soybean oil and meal, which are affordable sources of fats and proteins, fundamental for global food security.
IFC has been supporting the grains and oilseeds sector in Argentina through investments in infrastructure, processing and inputs distribution and financing working capital needs. IFC’s investments in the sector over the last 25 years, including mobilization, have exceeded US$1 billion.
About Renova
A joint venture between Vicentin S.A.I.C. and Oleaginosa Moreno Hermanos S.A.C.F.I.Y.A. , Renova operates an integrated soybean crushing facility and port in Timbues, Santa Fe, and a biodiesel producing facility in San Lorenzo, Santa Fe. Renova’s existing complex in Timbues contains a crushing facility with a processing capacity of 20,000 tons per day; one of the country’s largest ports; a lecithin plant; and storage facilities.
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 FY16, 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
.
About Rabobank
Established in the Netherlands, Rabobank is a leading global bank with over 1,000 offices in more than 40 countries, and almost 50,000 employees worldwide. Rabobank operates on the basis of cooperative principles with strong agriculture roots, thus boasting a track record of over a century in financing agribusiness through long-term relationships. Rabobank is committed to making a substantial contribution to welfare and prosperity in the Netherlands and to feeding the world sustainably, aiming to being the leading bank in the field of food and agri worldwide through its unique Banking for Food vision.
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