IFC loans $40 million MBAC fertilizer production expansion

IFC loans $40 million to MBAC for fertilizer production expansion

1:56 AM, 22nd November 2011
IFC loans $40 million to MBAC for fertilizer production expansion

 

WASHINGTON DC, US: International Finance Corporation (IFC), a member of the World Bank Group, is providing a $40 million loan to MBAC Fertilizer Corporation to expand the company’s production facilities, which will help create jobs and increase food production. The agribusiness sector, including fertilizers is a strategic priority for IFC as the world tackles the growing challenge of food security.

The investment is part of IFC’s effort to promote private sector development in the Amazon and Cerrado regions in Brazil. IFC’s loan will be used for development of Itafos Arraias SSP project, which includes a phosphate mine, a processing plant and related infrastructure in central Brazil, bordering Goias and Tocantins states. MBAC’s close proximity to phosphate resources and its local customer base makes its fertilizer products a cost-effective alternative to imported phosphate fertilizers that dominate much of Brazil’s agricultural sector. “IFC has played an important role in mobilizing financial resources needed to finance our project and aggressively pursue our start-up schedule and commence production,” said Antenor Silva, President and CEO, MBAC.

IFC’s loan to MBAC follows an equity investment of 33 million Canadian dollars that IFC made in the company in September 2011. “MBAC shares IFC’s commitment to promoting best practice environmental and social standards in Brazil’s fertilizer sector. We look forward to a long-term partnership as MBAC expands its operations and increases its capacity to supply Brazil’s agricultural sector, an important source of economic growth for the country,” said Paolo Martelli, Director for Latin America, IFC.

(C) WOC News

 

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