Announcement of IFC Finances Modernization of Argentine Producer on September 25, 1998

IFC FINANCES MODERNIZATION OF ARGENTINE PRODUCER WASHINGTON, D.C., September 25, 1998 --- The International Finance Corporation is investing US$16 million in Argentina's leading producer of brass and metal fixtures, F.V., S.A., as part of the Corporation's strategy to support the development of small- and medium-sized companies. The company will use the investment to streamline production lines, reduce operating costs, improve the product quality, and increase production capacity. State-of-the-art technology will be installed and IFC will help F.V. improve its monitoring of environmental and safety standards. F.V. is an established Argentine company with a 77-year history. This year, the company's quality systems were certified to meet the ISO 9001 standards, providing its customers with a commitment to maintain the highest standards of manufacturing practices. In the fiscal year ending in June, IFC invested US$170 million in seven projects in Argentina, ranging from agribusiness and manufacturing to education and health. IFC, part of the World Bank Group, fosters economic growth in the developing world by financing private sector investments, mobilizing capital in the international financial markets, and providing technical assistance and advice to governments and businesses. IBRD IDA IFC MIGA ICSID