Announcement of First IFC Soybean Investment of Nine Million US Dollars for Argentine Project on August 5, 1977

International Finance Corporation • 1818 H Street, N.W. Washington, D.C, 20433, U.S,A 202-393-6360 IFC Press Release No. 78/2 Friday, August 5, 1977 First IFC Soybean Investment $9 Million for Argentine Project The International Finance Corpora ti.on, (IFC), an affiliate of the World Bank, is lending $9 million for a $33 million project to establish a 600,000 metric tons-a-year soybean processing plant in Argentina. The loan is IFC's first investment in a soybean project and is being made to SOYEX S.A., which is sponsored by a leading Argentine agroindustrial organization -- the SASETRU Group. Equity of $13.2 million for the project is being provided by the Group companies and its shareholders. IFC is assisting the Company to arrange loans of $10.8 million with international commercial • banks to complete the financing plan. The plant will be located near Zarate, about 60 miles north of Buenos .\ires and close to soybean producing areas and transportation facilities. The project will encourage increased soybean cultivation and thereby support Government policies for higher agricultural output and increased industrialization. It will also benefit the economy by generating e$timated annual gross foreign exchange earnings of $130 million, by expanding the market for some 4,500 farmers, and by creating approximately 185 permanent jobs • • (Any inquiries strictly relating to IFC's participation in this project should be directed to the IFC Information Office, 1818 H Street, N.W., Washington, D.~. 20433, Telephone (202) 477-6247.)