WASHINGTON, D.C., January 12, 2000 —
The International Finance Corporation is investing US$15 million in Pasteurizadora
Rica (Rica), a milk and juice processor in the Dominican Republic, to finance
expansion and modernization of farms and processing facilities.
The loan will finance the expansion and streamlining of Rica's milk and
juice processing facilities and the development of 600 hectares of new
orange tree plantations, which will be consistent with the World Bank Group's
environmental guidelines. The investment will also finance a modern 1,500-cow
dairy farm to produce high quality milk and increase production of butter
Tei Mante, Director of IFC's Agribusiness Department, said by helping Rica
to expand its distribution network, the project will boost sales, improve
client service and position Rica as a national wholesale distributor. The
project also supports Rica's program of assistance for farmers.
The investment includes a senior loan of $12 million and a subordinated
loan of $3 million to Rica and its subsidiaries Pasteurizadora del Cibao,
Consorcio Citricos Dominicanos and Lecheria San Antonio.
The mission of IFC, part of the World Bank Group, is to promote private
sector investment in developing countries, which will reduce poverty and
improve people's lives. IFC finances private sector investments in the
developing world, mobilizes capital in the international financial markets,
and provides technical assistance and advice to governments and businesses.