Washington, D.C., January 26, 2009—IFC,
the private sector arm of the World Bank Group, committed a loan for US$
20 million to support FV S.A. FV, an existing IFC client, and Argentina's
leading producer of fixtures for bathrooms and kitchens. IFC financing
will support the company’s strategic investment program for the next two
years, which includes the modernization and maintenance of the company’s
production facilities to strengthen the company’s competitiveness within
the local and international markets.
Enrique Cañas, IFC country manager for
Argentina said “FV Argentina is an important player with a long-term strategy
to develop a sustainable business model that will have a catalytic effect
in developing local suppliers. IFC’s investments are expected to improve
the company’s environmental sustainability, increase its export base and
support growth of existing small and medium-sized local suppliers of FV."
FV’s CEO, Francisco Viegener, said,
“We are delighted that IFC is helping expand our operations and enhancing
our efficiency and productivity. This will strengthen our ability to continue
growing and provide consumers with a wide range of high quality products
at affordable prices. We look forward to maintaining this long-term partnership
with IFC, which continues to bring a unique expertise and regional experience
working with sustainable private companies in Latin America.”
This IFC investment to FV will reinforce
the relationship between the two institutions, which began in 1998 and
developed further in 1999 when IFC supported FV’s international expansion
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.
Founded in 1920, FV is the largest producer
of fixtures in Argentina, including taps, showers, faucets, spouts, siphons
and accessories. FV products are mainly produced at its plant located in
Villa Rosa, in the Municipality of Pilar, Buenos Aires province and its
headquarters are located at Florida, just outside of Buenos Aires. FV sales
its products in the local market and exports to about 20 countries, including
Paraguay, Bolivia and Ecuador.