Wednesday , September 28 2022

Citrícola San Miguel will make a $ 100 million loan to expand exports from the BID



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This financing will complement the San Miguel structure structure, while the export profit business is a direct and indirect employer in every community that works. In Tucuman, Argentina, it uses more than 4,500 seasons each season.

IFC and BID Invest contribute $ 27.5 million and Rabobank $ 45 million. IFC and BID Invest will also advise San Migel for the implementation of good environmental practices in key areas such as waste water treatment.

"IFC, IDB Invest and Rabobank partners are our efforts to position ourselves as a multinational company in Argentina. We continue to expand to new markets and continue promoting our sustainable agriculture model," said Romain Corneille, CEO of San MigUEL

The financing package offers a period of less than 9 years longer than it is available on the market. This is essential for this industry, citrus fruits have been producing quality fruit for at least five years.

Funding will help the San Miguel investment plan to support USD 132.5 million, a sustainable and customer-oriented business model, as a world leader in the production of citrus fruits and citrus products. San Miguel will open its operations in Argentina, Uruguay, Peru and South Africa and will help to produce lemon, orange, mandarin, table wine and avocado.

"We are proud to continue our work with San Miguel to expand its operations," says David Tinel, Regional Director of IFC, Southern Cone, to compete and create jobs that could be successful in the world. "IFC is committed to promoting sustainable agriculture in Argentina and Uruguay, and the export sector to facilitate the growth and strengthening of the economy of these countries."

"Financing offered by the BID Invest, San Miguel, sponsors one of the most important exporters of Latin America and the Caribbean, to improve the export capacity of three destinations, such as Argentina, Uruguay and Peru, and the creation of jobs in rural areas in a sustainable way"
said Aitor Ezcurra, Head of the BID Investing Corporate Division

"Rabobank has been working for more than 25 years to support avant-garde companies in Argentina, and continues to strengthen its commitment to countries, sectors and customers to finance $ 100million in San Miguel," said Rafael Bonasso, Representative Rabobank. "We hope to provide support to our customers over the next years," said Rafael.

Citrus fruits are among the most popular fruits in the world. In the last five years, the global demand for lemon juice and juice has increased by 3% per year. Tucuman's lemon industry employs 40,000 workers and produces 1.3 million tons of lemon per year. Industry exports relate lemons and products to Europe, the United States, Canada, Russia, Hong Kong and the Middle East.

In August 2017, San Miguel bought grapes and avocado for the first time, Agrícola Hoja Redonda S.A., Mandarina, table grape and carrot, with a capacity of 28,000 tonnes per year.

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