Sunday , October 2 2022

The San Miguel citricola will receive a 100 million dollar loan from the IDB to expand exports



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This money will complement San Miguel's capital structure, whose export earnings business, in turn, is a major employer of direct and indirect labor in every community where it operates. In Tucuman, Argentina, he employs more than 4,500 people per term.

All IFC and IDB Investment will contribute US $ 27.5 million and Rabobank $ 45 million. IFC and BID Invest will also advise San Miguel on the implementation of good environmental practices in key areas, such as wastewater treatment.

"We welcome IFC, IDB Invest and Rabobank as partners in our efforts to strengthen our position as a catering company in Argentina as we expand into new markets and continue to drive our sustainable agricultural business model," said Romain Corneille, Chief Executive Officer of San Miguel

The funding package offers a term of up to 9 years, which is longer than what is currently available in the market. This is vital to this industry, as citrus trees take at least five years to produce quality fruit for export.

The funding will contribute to the San Miguel investment plan for US $ 132.5 million to grow its sustainable business model and customer-centered customers, as a global leader in the production of citrus and the processing of added value citrus products. It will help San Miguel expand its operations in Argentina, Uruguay, Peru and South Africa and grow its volume of lemon, orange, tangerine, table grapes and afocado.

"We are proud to continue work with San Miguel to expand its operations. The company is an example of how Argentina companies can compete successfully in the world and create jobs where they need most, "said David Tinel, Regional Manager of IFC for the Southern Cone. "IFC is committed to supporting sustainable agricultural businesses in Argentina and Uruguay, and strengthening export sectors to contribute to the growth and strengthening of the economy of these countries."

"The money offered by IDB Invest in San Miguel is trying to support one of the most important fruit exporters in Latin America and the Caribbean, enhancing the export capabilities of three destinations, such as Argentina, Uruguay and Peru , and the production of employment in rural areas through operations implemented in a sustainable way "
says Aitor Ezcurra, Head of the BID Investing Corporate Division

"Rabobank has provided ongoing support for agri-business companies in Argentina for 25 years and continues to strengthen its commitment to the country, the sector and customers with transactions such as the season financing This average of $ 100 million for San Miguel, "said Rafael Bonasso, Rabobank's representative. "We hope to continue to provide support to our customers over the next few years," said Raphael.

Citrus fruits are among the most popular fruits in the world. Over the last five years, global demand for oil and lemon juice has been growing more than 3% per annum. The lemon industry in Tucuman employs 40,000 employees and produces 1.3 million tonnes of lemon per year. The industry is exporting lemon and related products to Europe, the United States, Canada, Russia, Hong Kong and the Middle East.

In August 2017, San Miguel incorporated grapes and afocado for the first time, by buying Agrícola Hoja Roundonda S.A., a mandarin Peruvian company, table grapevine and afocado with the capacity to produce 28,000 tonnes a year.

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