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IFC INVESTS IN PERUVIAN FOOD PRODUCER


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


WASHINGTON, D.C., December 10, 1999 - The International Finance Corporation is investing up to US$60 million in Alicorp, a leading Peruvian food-based company, to modernize and expand operations and increase production capacity.
IFC's investment includes a senior loan of up to $20 million and a parallel subordinated loan of up to $20 million, as well as up to $20 million in syndicated loans from participant banks.
Mr. Tei Mante, Director of IFC's Agribusiness Department said the investment will allow the company to rationalize and expand, closing inefficient plants and mills building new world-class facilities to produce high quality wheat, pasta and biscuits at internationally competitive prices.
Alicorp will also modernize its oil and soap factories with new equipment, upgrading facilities to World Bank environmental standards. Part of the investment will also go towards the company's debt-restructuring plan.
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