Washington, D.C., July 16, 2009—
IFC, a member of the World Bank Group, has provided $40 million to Noble Argentina to help expand its soybean processing and logistics infrastructure in Timbues Port in Argentina’s Santa Fe Province. IFC’s financing will help increase Noble Argentina’s capacity to process soybean products from Argentina, adding value and facilitating increased exports to global markets. It will complement financing from the Inter-American Development Bank and commercial lenders for total financing of $160 million.
Noble Argentina is a subsidiary of Noble Group Limited, one of the world's largest commodity trading groups and a market leader in managing the global supply chain of agricultural, industrial, and energy products. IFC’s financing will support the construction of a soybean crushing plant in Noble Argentina's port terminal in Timbues.
"The additional support from the IFC is a true testament to the quality of the project. We are building a modern oilseed crushing plant capable of processing 3 million metric tons of soybeans every year,” said Noble Group CEO Richard Elman. “The plant will produce soybean oil, and soybean meal, adding value to grain exports that would otherwise be processed abroad. This key asset strengthens Noble’s supply chain of prime quality soy-based proteins and oils to the world,” he added.
“IFC has been scaling up its agribusiness investments to stimulate increased global food production in response to the volatility in food prices,” said Atul Mehta, IFC Director for Latin America and the Caribbean. “Through our partnership with Noble Argentina, IFC helps strengthen logistics and infrastructure of a global player and facilitate global trade of agricultural products.”
This investment follows IFC’s previous support to Noble Argentina to construct a greenfield grain port terminal and storage complex in Timbues.
In Argentina, IFC supports export-oriented sectors and financial institutions, especially those that provide financial services to low-income borrowers. IFC’s strategy promotes Argentine business expansion into other emerging markets, encourages corporate social responsibility, and protects natural resources through environmentally sustainable business practices.
About IFC
IFC, a member of the World Bank Group, creates opportunity 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 advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
.
