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WASHINGTON, D.C., Sept. 1 -- The International Finance Corporation (IFC) has approved financing of US$60 million for SADIA ConcÛrdia S.A. Indstria e ComÈrcio, a Brazilian food company that is expanding its production and distribution facilities. IFC will provide loans of US$40 million, of which US$10 million may be convertible into preferred shares. Another US$10 million, and up to US$20 million, will be syndicated with international banks. The SADIA Group is Brazil's largest processor of animal and vegetable protein, including poultry, pork, beef, soybean, and margarine. It ranks among the world's leading exporters of poultry products. SADIA is undertaking a long-term investment program, at a total cost of $212 million, that will enable the company to maintain its leadership position in animal protein production by upgrading its current facilities, improving efficiency, increasing its distribution capabilities and continuing diversification into value-added consumer products. Karl Voltaire, Director of IFC's
Agribusiness Department said: "By supporting a company like SADIA--a pioneer in developing integrated systems of production, presently involving more than 20,000 farmers--IFC hopes to make a strong developmental contribution to Brazil. "IFC's mobilization of up to $20 million from international banks and possible equity investment will assist SADIA in its future efforts to tap the international capital markets while addressing the shortage of long-term financing in Brazil," Mr. Voltaire added. IFC is the private sector arm of the World Bank Group and the largest multilateral source of financing for private sector projects in developing countries.
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