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.
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.