WASHINGTON, D.C., June 15 -- The International
Finance Corporation (IFC) has approved a financing package for Abonos del
Pacifico, S.A., which will construct and operate a bulk-blending fertilizer
plant at Orotina on the Pacific coast of Costa Rica.
The plant will produce and sell 80,000 metric tons of mixed fertilizers
per year, providing the Costa Rican agricultural sector with a wider range
of products than are currently available and at internationally competitive
Agricultural exports, which currently exceed US$1 billion, earn significant
foreign exchange revenues for the Costa Rican economy. Bananas and coffee,
the primary crops requiring fertilizers, are two of Costa Rica's most important
IFC has approved a loan of up to US$3.5 million to Abonos del Pacifico
and an equity investment of up to US$500,000 in the company. The principal
sponsor of the project is Grupo Disagro of Guatemala, which manufactures
and distributes fertilizers and agricultural chemicals throughout Central
"Abonos will be able to tailor its output to the specifications of
local farmers and meet the different requirements of Costa Rica's wide
variety of soils and micro-climates," according to Mr. Jean-Philippe
Halphen, Director of IFC's Chemicals, Petrochemicals and Fertilizers Department.
"The project should help lower the cost of fertilizer delivered to
farmers and improve the competitiveness of Costa Rican agricultural products
on world markets."
IFC is a member of the World Bank Group and is the leading multilateral
source of equity and loan finance for private sector projects in developing