Santiago, Chile, April 14, 2021 — IFC, a member of the World Bank Group, is granting a long-term loan of up to US$25 million to Copeval, a leading agricultural inputs distributor in Chile, to support the company in continuing to provide financing to farmers across the country.
IFC's investment will support Copeval to offer financing to its network of farmers to cover their pre-harvest working capital needs for inputs and services, at a time when available financing has been impacted by the COVID-19 pandemic.
Copeval is Chile's leading agricultural input distributor, with more than 60 years of track record in the industry. It reaches more than 37,000 farmers through its 24 branches and distribution centers, strategically located across the country's agricultural regions. The company offers a "one-stop shop" to farmers, providing agrochemicals, fertilizers, seeds, agricultural machinery, irrigation equipment, intermediation and logistics services, fuel, animal feed, technical assistance and training.
The investment is part of IFC's global efforts to combat the economic impacts of COVID-19. As part of the World Bank Group's response to the pandemic, IFC launched in 2020 a US$8 billion package of fast-track financing to its clients to help sustain economies, support businesses and protect jobs all over the world.
"IFC's investment will contribute to protect the livelihoods of many small and medium farmers operating in rural regions of Chile by supporting the continued operations of their leading inputs distributor," said David Tinel, IFC Country Manager for Argentina, Chile, Paraguay and Uruguay. "We believe that this investment also helps promote greater market resilience, by broadening the availability and access to financial products and services that enable viable players to withstand shocks or stresses."
Copeval is the latest of a series of companies in Chile benefitting from IFC investments, including microfinance institution Fondo Esperanza and banking leader Banco Santander. In the last fiscal year, IFC has invested US$318 million in Chile to support the country's private sector through innovative financial products and mobilization, while encouraging corporate social responsibility and environmentally-sustainable business practices.
About COPEVAL
Copeval is the leading agricultural inputs distributor in Chile, with more than 60 years of track record in the industry. It reaches more than 37,000 farmers through its 24 branches and distribution centers, strategically located across the country's agricultural regions. The company operates 10 business lines: agrochemicals, fertilizers, seeds, irrigation equipment, animal feed, fuel, tools, machinery, spare parts, veterinary products. The Company also provides grain storage and technical assistance, and training. For more information, visit https://www.copeval.cl.
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.
Stay Connected
www.ifc.org/lac
www.twitter.com/IFC_LAC
www.linkedin.com/company/ifc-américa-latina-y-el-caribe
www.facebook.com/IFCwbg
www.instagram.com/ifc_org/
www.youtube.com/IFCvideocasts
www.twitter.com/IFC_org
www.ifc.org/SocialMediaIndex
