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Singapore, September 18, 2006 -
Aceitera General Deheza, a leading agribusiness group in Argentina, received today the International Finance Corporation’s Client Leadership Award. An IFC client for 20 years, AGD is the first Latin American company to receive the award.
IFC’s annual award recognizes innovation, operational excellence, and commitment to sustainable development, all values for which IFC stands. IFC, the private sector arm of the World Bank Group, has set the benchmarks for social and environmental standards and sustainability in private sector investments around the world.
Lars Thunell, IFC’s Executive Vice President, said in presenting the award, “With IFC’s help, AGD made smart investments that gave it competitive advantages to weather Argentina’s financial crisis, as well as purchases that enabled more than 6,000 local farmers to stay in business during difficult times. AGD today is a globally competitive company and a South-South success story. Its growth demonstrates what we can achieve by working together.” The award ceremony took place in Singapore during the Annual Meetings of the World Bank Group and International Monetary Fund.
IFC’s loans and equity investments have helped AGD grow and increase its global competitiveness. These investments included a $100 million long-term financing package in 2001-2002, when Argentine companies could not access normal trade financing lines.
Miguel Acevedo, a member of AGD’s board of directors, accepted IFC’s award on behalf of the company, saying, “Through the years, IFC has been a valuable and reliable partner. They helped us build a sustainable business, delivering food and feed products to markets around the world. IFC’s support and advice continued and grew even stronger during the 2001 crisis in Argentina. We are proud of our long-term partnership with IFC, which has shown a true commitment to our company’s business and development.”
This is the third year for IFC’s Client Leadership Award. Previous recipients were ACLEDA Bank, a Cambodian microfinance institution, and Celtel, a telecommunications company in Africa.
The award recognizes, among other things, AGD’s major contributions to its community. Primarily because of AGD, a large network of farmers and intermediaries in rural areas continues to grow and prosper. In the town of General Deheza, where it has its main operations, AGD has helped build new housing and supported community organizations, local schools, and health care. With partners including IFC, AGD has also built key local infrastructure, not only reducing its transportation and handling costs, but benefiting the entire supply chain.
To improve its environmental sustainability, AGD set up a steam generation plant in 2001 that uses a shell boiler. This system has allowed the company to replace its use of a limited resource, natural gas, with a renewable resource, the biomass of peanut shells and sunflowers.
IFC’s award also acknowledges AGD’s handling of its financial commitments through its professional financial management, long-term strategy, and reinvestment of profits. This has enabled the company to syndicate several of its borrowing facilities internationally.
About AGD
Aceitera General Deheza’s core business is oilseed processing. The company is a market leader for soybeans, sunflower seeds, and groundnuts and is one of the largest processors in Argentina. It exports over 80 percent of its production, working with about 6,000 farmers and supplying Argentina and 45 other countries in five continents. AGD’s annual turnover in the 2005-06 fiscal year was $1.8 billion. For more information, visit,
www.agd.com.ar
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
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