Lima, July 27, 2006 -The International
Finance Corporation, the private sector arm of the World Bank Group, has
approved $15 million to Sociedad Agrícola Drokasa S.A., or Agrokasa, the
leading producer, packer, and exporter of fresh asparagus and table grapes
in Peru. IFC’s financing will help the company expand its operations.
IFC’s investments will allow the company to refurbish and upgrade its
new farm in Barranca. This loan will support Agrokasa to increase its revenues
from asparagus exports and build on its nascent production of avocados,
while continuing to diversify its markets. Agrokasa focuses exclusively
on premium export markets in 28 countries across five continents.
Atul Mehta, IFC’s Director for Latin America and the Caribbean, said,
“IFC is pleased to continue supporting the expansion of a leading, export-oriented
local agribusiness company. This financing fits well with IFC’s strategy
in Peru to strengthen the competitiveness of local companies that contribute
significantly to job creation and the economy.”
Jean-Paul Pinard, IFC’s Agribusiness Director, commented, “This project
will generate crucial rural employment in Peru, where more than 50 percent
of the population lives in poverty, primarily in rural areas.”
Jose Chlimper, CEO of Agrokasa added, “Working with IFC is not only about
financing, but also about becoming a better company. With IFC’s advice,
we can focus more on the social and environmental aspects of our operations,
thus becoming a more sustainable company. We are very pleased about this
third operation with IFC.”
Agrokasa is a subsidiary of Corporación Drokasa, a holding company that
owns the largest pharmaceuticals marketing and manufacturing operation
in Peru and that holds leading positions in consumer health products, agrochemicals,
cosmetics, and toiletries.
IFC has a long-standing relationship with Corporación Drokasa through two
prior investments. In 1999, IFC made a $6 million loan to Agrokasa to develop
its high-value horticulture operation. In 2005, IFC partially guaranteed
a corporate bond that was jointly issued by Corporación Drokasa and several
of its subsidiaries. IFC’s guarantee helped raise the credit rating of
IFC in Peru
IFC’s total portfolio in Peru was $213
million as of June 2005. IFC’s main focus in the country is to support
sustainable private sector development in the agribusiness, warehousing,
education, tourism, and financial sectors. Since Peru joined
IFC in 1956, the Corporation has provided $898 million, including syndications,
for 46 companies operating in the country.
The International Finance Corporation
is the private sector arm of the World Bank Group and is headquartered
in Washington, D.C. IFC coordinates its activities with the other
institutions of the World Bank Group but is legally and financially independent.
Its 178 member countries provide its share capital and collectively
determine its policies.
The mission of IFC (www.ifc.org)
is to promote sustainable private sector investment in developing and transition
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 FY05, IFC has committed
more than $49 billion of its own funds and arranged $24 billion in syndications
for 3,319 companies in 140 developing countries. IFC’s worldwide committed
portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion
held for participants in loan syndications.