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Publish Date : 05-Jun-2017

IFC, a member of the World Bank Group, and Rabobank organized a $410 million funding package to support the growth of the agribusiness company Renova in its Timbues faciltiy, in the province of Santa Fe.

The funding will expand the soybean crushing capacity of the facility in 50 percent and double the port's loading capacity with a new grain port.

Once concluded, the funding would have contributed to add 300 new permanent quality jobs and benefit 8,500 farmers.

Renova is a partnership between Vicentin and Oleaginosa Moreno Hermanos.

The package is comprised of $75 million from IFC's own account, $75 million from Rabobank, and $260 million from other development funding agencies and commercial banks including: IIC, FMO, ING, Santander, Natixis, ICBC, ABN, and Itau. IFC and IIC served as lenders of record.

Sergio Gancberg, Renova's President, said, "IFC and Rabobank's engagement has been key to mobilize additional funding from other development and commercial banks, at longer terms from what it is currently available in the country."

Sergio Nardelli, Renova's Vice-President, added, "We are delighted with the support to our expansion plans from IFC, Rabobank and participating institutions."

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