WASHINGTON, D.C., Dec. 17—The International
Finance Corporation (IFC) has signed investment agreements with Agro Industrial
Paramonga S.A. for a US$45 million financing package for the rehabilitation
of the company's sugar cane plantations and milling operations.
Paramonga will use the IFC financing to restore 5,200 hectares of sugar
cane land, develop new cane fields, and modernize and expand their sugar
mill. The upgrade will increase annual refining capacity from 66,000
to 139,000 tons of refined sugar. Total project cost is estimated
at US$70 million.
The signing ceremony took place in Lima and was presided by Mr. Tei Mante,
Director of IFC's Agribusiness Department. Also present at the signing
ceremony were representatives of the sponsoring group: the Wong brothers
and Mr. Jaime Mur.
IFC's financing package consists of loans of up to US$22 million for its
own account and a syndicated loan of up to US$23 million for the account
IFC, a member of the World Bank Group, is the largest multilateral source
of equity and debt financing for private sector projects in developing