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Buenos Aires, December 5, 2018—
IFC, a member of the World Bank Group, IDB Invest, a member of the Inter-American Development Bank Group, and Rabobank arranged a $100 million financing package for San Miguel, the largest citrus exporter in the Southern Hemisphere. The financing will complement the capital structure of San Miguel, whose export-earning business is a large employer of direct and indirect labor in each community where it operates. In the Argentine province of Tucumán, it employs more than 4,500 people each season.
The package consists of $27.5 million from each IFC and IDB Invest, and $45 million from Rabobank. IFC and IDB Invest will also advise San Miguel on good environmental practices in key areas, such as the treatment of wastewater.
“We welcome IFC, IDB Invest and Rabobank as partners in our endeavor to strengthen our position as a multinational Argentine company as we expand to new markets and implement our sustainable agribusiness model,” said Romain Corneille, CEO of San Miguel.
The up to 9-year financing package offers a longer-term tenor than currently available on the market. Long-term financing is essential for the citrus industry, as it takes at least five years for a citrus tree to bear export-quality fruit. The financing will contribute to San Miguel’s $132.5 million investment plan to grow its sustainable, customer-oriented business model, as a world leader in citrus production and in the processing of value-added citrus products. It will help San Miguel expand its operations in Argentina, Uruguay, Peru and South Africa on its different products—lemon, orange, mandarin, table grape and avocado.
“We are proud to continue our work with San Miguel to expand its operations. The company is an example of how Argentine businesses can successfully compete in the world and create jobs where they are most needed,” said David Tinel, IFC Regional Manager for the Southern Cone. “IFC is committed to support sustainable agribusinesses in Argentina and Uruguay, and strengthen their export sectors to contribute to the growth and resiliency of these countries’ economy.”
“The financing offered by IDB Invest to San Miguel intends to support one of the most important fruit exporters of Latin America and the Caribbean, thus enhancing the export capabilities from three destinations such as Argentina, Uruguay and Peru while generating employment in rural areas through operations implemented in a sustainable manner," said Aitor Ezcurra, Corporates Division Chief of IDB Invest.
“Rabobank has provided continued support to agribusiness companies in Argentina for 25 years, and continues to strengthen its commitment to the country, the sector and its clients with transactions like this $100 million medium-term financing for San Miguel,” said Rafael Bonasso, Representative of Rabobank. “We look forward to continuing to provide support to our clients in the coming years,” noted Rafael.
Citrus fruits are among the most popular fruits in the world. In the last five years, the global demand for lemon oil and juice has been growing at more than three percent annually. Tucuman’s lemon industry employs 40,000 workers and produces 1.3 million tons of lemons per year. The industry exports lemons and related products to Europe, the US, Canada, Russia, Hong Kong, and the Middle East.
On August 2017, San Miguel incorporated grape and avocado for the first time, through the purchase of Agricola Hoja Redonda SA, a Peruvian mandarin, table grape and avocado’s company with a capacity to produce 28,000 tons annually.
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
About San Miguel
San Miguel is the leading company in the Southern Hemisphere in the production and distribution of fresh citrus and processed foods. With nearly 10,000 hectares in Argentina, Uruguay, South Africa and Peru, it supplies more than 260 customers in 80 countries. With the focus on its customers, San Miguel is constantly expanding its offer. Thus, he has recently added avocado and table grapes to his portfolio of fresh fruits, while working on the development of new products. San Miguel seeks to add value at each stage of the production process, with Sustainability as a priority and at the center of its business model. For more information, visit
Established in the Netherlands, Rabobank is a leading global bank with over 1,000 offices in more than 40 countries, and almost 50,000 employees worldwide. Rabobank operates on the basis of cooperative principles with strong agriculture roots, thus boasting a track record of over a century in financing agribusiness through long-term relationships. Rabobank is committed to making a substantial contribution to welfare and prosperity in the Netherlands and to feeding the world sustainably, aiming to being the leading bank in the field of food and agri worldwide through its unique Banking for Food vision. Rabobank has been active in Argentina since 1993 as a Representative Office, and over the years, has built strong relationships across the industry, and a portfolio of over $1.5 billion dollars.
About IDB Invest
, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation.
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