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