WASHINGTON, D.C., January 12, 2000
— The International Finance Corporation is investing US$15 million in Pasteurizadora Rica (Rica), a milk and juice processor in the Dominican Republic, to finance expansion and modernization of farms and processing facilities.
The loan will finance the expansion and streamlining of Rica's milk and juice processing facilities and the development of 600 hectares of new orange tree plantations, which will be consistent with the World Bank Group's environmental guidelines. The investment will also finance a modern 1,500-cow dairy farm to produce high quality milk and increase production of butter and cheese.
Tei Mante, Director of IFC's Agribusiness Department, said by helping Rica to expand its distribution network, the project will boost sales, improve client service and position Rica as a national wholesale distributor. The project also supports Rica's program of assistance for farmers.
The investment includes a senior loan of $12 million and a subordinated loan of $3 million to Rica and its subsidiaries Pasteurizadora del Cibao, Consorcio Citricos Dominicanos and Lecheria San Antonio.
The mission of IFC, part of the World Bank Group, is to promote private sector investment in developing countries, which will reduce poverty and improve people's lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, and provides technical assistance and advice to governments and businesses.
