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IFC APPROVES LOAN FOR PERUVIAN AGRIBUSINESS COMPANY


IFC: Jannette Esguerra
Phone: (202) 458-5204
Fax: (202) 974-4384
E-mail:  jesguerra@ifc.org


WASHINGTON, D.C., October 27, 1999 - IFC has approved a US$6 million loan to Peruvian agribusiness company, Sociedad Agricola Drokasa S.A. (Agrokasa), to expand operations and increase exports.
IFC's investment is part of the company's two-year $20 million expansion that includes the development of 1,200 hectares in Ica, south of Lima, building a packing house for exports, as well as infrastructure and irrigation work. The expansion will enable Agrokasa to become Peru's largest asparagus and table grape producer. The loan will also boost the company's capital base.
Mr. Tei Mante, Director of IFC's Agribusiness Department, said that the project builds upon Peru's natural competitive advantage stemming from an ideal climate and fertile land to grow products such as asparagus and table grapes. It also helps to modernize the country's horticulture industry by employing leading techniques and advanced post-harvesting systems. The investment, IFC's second in Peru's horticulture industry, is in line with the government's objective to promote labor intensive agricultural exports.
Mr. Jose Chilmper, President of Agrokasa said that, with the help of IFC's loan, Agrokasa is pioneering modern agricultural techniques in Peru and would become a showcase to spur growth and development in the sector. Following years of stagnation in agriculture, it is expected that the private sector and the government will undertake a program to expand and modernize agriculture in Peru.
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.