2023-05-20 05:10:26
The IDB Invest announced today the signing of an agreement with Molinos Agro SA to provide up to 250 million dollars in financing for the processing and export of oilseeds and cereals and thus increase “food security.”
IDB Invest is a member of the Inter-American Development Bank Group, a multilateral Bank dedicated to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector.
The credit granted to Molinos-Agro has a direct contribution from IDB Invest of US$50 million and the other US$200 million of mobilized funds, with Banco Santander and Rabobank to complete the financial closure of the operation.
“The project will help increase production in the agricultural sector, in addition to promoting exports and purchases from the domestic supply chain,” the IDB said in a statement.
The financing “will allow Molinos-agro to increase the processing of oilseeds and increase exports of grains and by-products. Likewise, the project will promote purchases from the supply chain with local suppliers of raw materials.”
“Food security is a fundamental pillar to build resilient, equitable and prosperous societies,” said James Scriven, general manager of IDB Invest, adding: “We are committed to channeling greater investment to Argentina and the region to strengthen food exports and value chains.
This strategic agreement with Molinos agro is part of a set of potential financing in Argentina that could reach US$1 billion by 2023, aimed at boosting various key sectors, attracting private investment towards impact projects to close development gaps.
Molinos agro SA, a company listed on the Buenos Aires Stock Exchange since 2017, was born in July 2016 as a result of the corporate reorganization that occurred in Molinos Río de la Plata SA, founded in 1902. (Télam)
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