Lima, Peru, March 8, 2010—
IFC, a member of the World Bank Group, and PERU LNG have helped Agricola Viñasol, a member of their “ForPyme” social responsibility program in Cañete, Peru, obtain $250,000 from the Grassroots Business Fund to expand its presence and diversify its portfolio of agricultural products in local and export markets.
As an active participant in the ForPyme program, AVSA received technical assistance in marketing to facilitate its access to the local market, and the farmers that serve as their providers received training in business aspects such as taxation and accounting. As a result, AVSA is now providing sweet potatoes, carrots, cassava, sweet peas, potatoes and apples to local supermarket chains in Lima and has expanded its sales about 300% in the last quarter. AVSA’s growth, in part due to the ForPyme program, indirectly benefits over 100 farmers that serve as their suppliers in the area.
The GBF investment is vital to AVSA’s mission of developing inclusive supply chains and helping local farmers to increase their income through better agricultural practices. Guillermo Caceres, President of the AVSA Board, explained that by reducing the number of intermediaries between the farmers and the market, and paying fair prices, the company can help improve famers’ standard of living and support the local economy. AVSA is also helping small scale growers acquire new skills and comply with standards demanded by local and export markets.
The ForPyme program has been designed to promote opportunities for local small businesses near the PERU LNG plant. Through IFC, ForPyme helped AVSA identify GBF as the most suitable partner for investing in the company, due to its sharing of common development objectives. GBF was looking to enter the Peruvian market, so this has become a successful win-win partnership.
GBF, a spin-off of IFC, supports private sector development by investing in projects and companies that can really make a change in the living standards of the poorest people, by economically empowering those at the base of the pyramid.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by helping agricultural enterprises expand their operations and product lines.
About IFC
IFC, a member of the World Bank Group, creates opportunities for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing risk mitigation and advisory services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
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