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WASHINGTON, D.C., Dec. 17—The International Finance Corporation (IFC) has signed investment agreements with Agro Industrial Paramonga S.A. for a US$45 million financing package for the rehabilitation of the company's sugar cane plantations and milling operations.
Paramonga will use the IFC financing to restore 5,200 hectares of sugar cane land, develop new cane fields, and modernize and expand their sugar mill. The upgrade will increase annual refining capacity from 66,000 to 139,000 tons of refined sugar. Total project cost is estimated at US$70 million.
The signing ceremony took place in Lima and was presided by Mr. Tei Mante, Director of IFC's Agribusiness Department. Also present at the signing ceremony were representatives of the sponsoring group: the Wong brothers and Mr. Jaime Mur.
IFC's financing package consists of loans of up to US$22 million for its own account and a syndicated loan of up to US$23 million for the account of participants.
IFC, a member of the World Bank Group, is the largest multilateral source of equity and debt financing for private sector projects in developing countries.
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