Washington, D.C. /Buenos Aires - May
31, 2017 —IFC, a member of the World Bank Group, and Rabobank arranged
a $410 million financing package to support the expansion of the agribusiness
company Renova in its Timbues plant, in the province of Santa Fe.
The financing will increase the soybean crushing capacity of the plant
in 50 percent and double the port’s loading capacity with a new grain
port. When completed, the financing would have contributed to add
300 new permanent quality jobs and benefit 8,500 farmers. Renova is a joint
venture between Vicentin and Oleaginosa Moreno Hermanos.
The package consists of $75 million from IFC’s own account, $75 million
from Rabobank, and $260 million from other development finance institutions
and commercial banks including: IIC, FMO, ING, Santander, Natixis, ICBC,
ABN, and Itau. IFC and IIC acted as lenders of record.
“IFC and Rabobank’s engagement has been key to mobilize additional funding
from other development and commercial banks, at longer terms from what
it is currently available in the country,” said Sergio Gancberg, Renova’s
President. “We are delighted with the support to our expansion plans from
IFC, Rabobank and participating institutions,” Sergio Nardelli, Renova’s
“This investment is part of IFC’s commitment to support a vibrant agribusiness
sector in Argentina which is a key contributor to economic and social growth”,
said David Tinel, IFC Manager for Argentina, Chile, Paraguay and Uruguay.
“It will also enhance port infrastructure, an essential driver to improve
logistics and competitiveness in the oilseeds and grains supply chain in
Argentina,” he noted.
“Rabobank has serviced agribusiness companies in Argentina for over two
decades. This transaction evidences that continued support and demonstrates
Rabobank’s commitment to the country, the sector and its clients”, said
Rafael Bonasso, Representative of Rabobank. Rabobank has been active in
Argentina since 1993 as a Representative Office, and over the years, has
built strong relationships across the industry, and a portfolio of over
US$ 1.3 billion. “We look forward to continuing supporting our clients
in the coming years, and hope, for the benefit of the sector, for more
investments of this magnitude”, noted Rafael.
With about a 45 percent share of global trade, Argentina is one of the
largest and most competitive exporters of soybean oil and meal, which are
affordable sources of fats and proteins, fundamental for global food security.
IFC has been supporting the grains and oilseeds sector in Argentina through
investments in infrastructure, processing and inputs distribution and financing
working capital needs. IFC’s investments in the sector over the last 25
years, including mobilization, have exceeded US$1 billion.
A joint venture between Vicentin S.A.I.C. and Oleaginosa Moreno Hermanos
S.A.C.F.I.Y.A. , Renova operates an integrated soybean crushing facility
and port in Timbues, Santa Fe, and a biodiesel producing facility in San
Lorenzo, Santa Fe. Renova’s existing complex in Timbues contains a crushing
facility with a processing capacity of 20,000 tons per day; one of the
country’s largest ports; a lecithin plant; and storage facilities.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence, to create opportunity where it’s needed most. In FY16,
our long-term investments in developing countries rose to nearly $18 billion,
helping the private sector play an essential role in the global effort
to end extreme poverty and boost shared prosperity. For more information,
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.