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Washington, D.C., January 26, 2009
—IFC, the private sector arm of the World Bank Group, committed a loan for US$ 20 million to support FV S.A. FV, an existing IFC client, and Argentina's leading producer of fixtures for bathrooms and kitchens. IFC financing will support the company’s strategic investment program for the next two years, which includes the modernization and maintenance of the company’s production facilities to strengthen the company’s competitiveness within the local and international markets.
Enrique Cañas, IFC country manager for Argentina said “FV Argentina is an important player with a long-term strategy to develop a sustainable business model that will have a catalytic effect in developing local suppliers. IFC’s investments are expected to improve the company’s environmental sustainability, increase its export base and support growth of existing small and medium-sized local suppliers of FV."
FV’s CEO, Francisco Viegener, said, “We are delighted that IFC is helping expand our operations and enhancing our efficiency and productivity. This will strengthen our ability to continue growing and provide consumers with a wide range of high quality products at affordable prices. We look forward to maintaining this long-term partnership with IFC, which continues to bring a unique expertise and regional experience working with sustainable private companies in Latin America.”
This IFC investment to FV will reinforce the relationship between the two institutions, which began in 1998 and developed further in 1999 when IFC supported FV’s international expansion in Ecuador.
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
.
About FV
Founded in 1920, FV is the largest producer of fixtures in Argentina, including taps, showers, faucets, spouts, siphons and accessories. FV products are mainly produced at its plant located in Villa Rosa, in the Municipality of Pilar, Buenos Aires province and its headquarters are located at Florida, just outside of Buenos Aires. FV sales its products in the local market and exports to about 20 countries, including Paraguay, Bolivia and Ecuador.
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