Mexico City / Washington, DC, July 10,
2012—IFC, a member of the World Bank Group, made its first investment
in Mexico’s forestry sector with a $10 million loan to Proteak, a publicly
traded company engaged in the sustainable production and commercialization
of teak wood.
The loan will support Proteak’s acquisition of plantations in Central
America and Colombia, and the establishment of new plantations in Mexico,
specifically in Tabasco, Chiapas, and Veracruz. It will also improve Proteak’s
current environmental and social practices and bring the company in line
with industry best practices. The investment also is expected to encourage
other financial players to enter the region’s forestry sector.
"IFC's support will help Proteak consolidate its leadership position
in sustainable teak production and further expand in Mexico, Central America,
and Colombia," said Gaston Mauvezin, CEO of Proteak. “Our vision
is to operate as a business that addresses social, environmental, and economic
Proteak's plantations are managed according to the Forest Stewardship Council’s
standards and are typically certified by the organization five years after
planting. The Council’s standards are the world’s most trusted certification
system to guarantee economically, socially, and environmentally sustainable
IFC is the first lender to Proteak after Financiera Rural, the government
institution that supports Mexico’s agricultural and forestry sectors.
Founded in 2000 with initial operations in the Mexican states of Nayarit
and Tabasco, Proteak started expanding to the south of Mexico in the past
two years, and also acquired plantations in Costa Rica and Colombia last
“IFC's support to Proteak fits well with IFC's focus on supporting the
growth of a sustainable forestry sector in Mexico and in Latin America.
With this investment, IFC is backing a relatively young Mexican company
in a capital-intensive sector that requires a long-term view to consolidate
as a regional player," said Roberto Albisetti, IFC Senior Manager
for Mexico and Central America.
The world’s growing demand for teak is expected to be met with more commercial
plantations. Sustainably managed plantations reduce pressure on natural
forests and have a positive effect on the environment by capturing carbon
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. We help developing
countries achieve sustainable growth by financing investment, providing
advisory services to businesses and governments, and mobilizing capital
in the international financial markets. In fiscal 2011, amid economic uncertainty
across the globe, we helped our clients create jobs, strengthen environmental
performance, and contribute to their local communities—all while driving
our investments to an all-time high of nearly $19 billion. For more information,
Proteak is a leading, publicly-traded Mexican company engaged in sustainable
forestry. It produces and transforms precious hardwoods in Mexico, Central
America, and Colombia, and markets them in the United States, Europe, and
Asia. For more information, visit www.proteak.com.