Announcement of IFC to Finance Argentinian Agribusiness Credit Line September 28, 1987

September 28, 1987 CONTACT: Monique Amaudry Press Release No. 88/13 202/676-9331 IFC TO FINANCE ARGENTINIAN AGRIBUSINESS CREDIT LINE The International Finance Corporation (IFC) will provide a US$30 million credit line to finance small to medium-sized agribusiness projects in Argentina, it was announced. IFC will lend long-term to Banco Rio de la Plata S. A. (BRLP) who will on-lend on a medium-term basis to projects in agriculture, agroindustry and agriservices. The selection of projects will be on the basis of pre- established guidelines agreed with IFC. Borrowers to be assisted under the program will be able to borrow up to $4 million, with IFC approval required on all loans in excess of $2.5 million. Argentina's agricultural sector contributes over 30 percent of GNP, and a strong pipeline of projects involving expansion and upgrading of existing facilities has been identified for this program. The market for the credit line is expected to expand further as ongoing government policies promote agricultural development. Banco Rio de la Plata is the leading privately-owned bank in Argentina ranking first in both assets and net worth among privately-owned banks in Argentina. It has 136 retail banking branches in Argentina and has several overseas installations for merchant and investment banking activities. IFC, an affiliate of the World Bank, is the leading private sector agency which provides equity financing and long-term loans without government guarantees to private enterprises in developing countries. - END -