WASHINGTON D.C. November 22, 2004
-- The International Finance Corporation, the private financing arm of
the World Bank Group, on Friday affirmed that it is still in active discussions
with Vitro Envases de Norteamerica (VENA), a subsidiary of Vitro, Mexico’s
leading glass manufacturer, regarding financing.
"We have been working closely with Vitro and VENA and undertaking
our normal due diligence process according to our regular approval procedures
in connection with a proposed $200 million syndicated loan for VENA,"
a spokesman for the IFC said.
"In parallel, we are proceeding with the syndication implementation
process, subject to agreement on terms and conditions with the company
and with a potential joint lead arranger. Any possible delays in the due
diligence, approval, and syndication process should not be interpreted
as an indication of an adverse decision on IFC's part."
IFC issued the statement in response to recent press speculation that the
loan would not be approved.
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing countries,
helping to reduce poverty and improve people’s lives. IFC finances
private sector investments in the developing world, mobilizes capital in
the international financial markets, helps clients improve social and environmental
sustainability, and provides technical assistance and advice to governments
and businesses. From its founding in 1956 through FYO4, IFC has committed
more than $44 billion of its own funds and arranged $23 billion in syndications
for 3,143 companies in 140 developing countries. IFC’s worldwide
committed portfolio as of FY04 was $17.9 billion for its own account and
$5.5 billion held for participants in loan syndications.