July 17, 2009
Noble Argentina gets US$40 million loan for soy processing plant
The World Bank's International Finance Group, or IFC, has loaned Noble Argentina US$40 million to expand its soy processing facilities in Argentina's Santa Fe province, the IFC said in a press release Thursday (Jul 16).
The IFC loan will complement financing from the Inter-American Development Bank and commercial lenders for total financing of US$160 million, the IFC said.
With the new crushing plant, the company will be able to process three million tonnes of soy each year, according to the release.
"IFC has been scaling up its agribusiness investments to stimulate increased global food production in response to the volatility in food prices," Atul Mehta, IFC Director for Latin America and the Caribbean, said in the release.
"Through our partnership with Noble Argentina, IFC helps strengthen logistics and infrastructure of a global player and facilitate global trade of agricultural products," Mehta said.
The IFC also provided earlier financing to Noble Argentina to construct a greenfield grain port terminal and storage complex on the banks of the Parana River in Santa Fe.
Noble Argentina is a subsidiary the Noble Group Ltd., one of the world's largest commodity traders.
