24791 - Conaprole Exp.

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Summary of Proposed Investment

Project Number

24791

Company Name

COOPERATIVA NACIONAL DE PRODUCTORES DE LECHE

Date SPI Disclosed

Dec 27, 2006

Country

Uruguay

Industry

Agribusiness and Forestry

Projected Board Date

Jan 26, 2007

Status

Completed

Sector

Dairy Products

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Feb 20, 2007
Signed : Mar 15, 2007
Invested : Dec 31, 2007

Project Description

The project entails building a powder milk plant with a capacity to produce 6 tons per hour, along with associated milk reception, storage, and wastewater-treatment infrastructure. Additional funds will be required to finance the purchase of additional raw milk from dairy producers, and to undertake miscellaneous upgrades in existing production lines.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity

Development Impact

The additional demand will create a platform for increased raw milk production from more than 2,300 cooperative members. Dairy farming is itself a significant source of employment: the Cooperative's members directly account for employment of 3,300 permanent workers, including family members. The increased volume of milk processed will result in increased revenues for all partner SMEs, such as raw milk trucks and over 60 independent distributors. The Cooperative currently has 1,450 direct hires (200 women), and also hires about 250 seasonal employees during the peak milk-supply period. The project is developed in a province that has a higher unemployment rate and a lower income per capita than the national average. With the project, the company expects to hire about 50 additional employees (direct and seasonal) by 2010. The construction itself will employ up to 300 workers.

IFC will contribute with the sector’s long-term viability by supporting Conaprole’s ongoing strategy of consolidating capacity and improving efficiencies. IFC will contribute to the expansion of a leading export-oriented private sector company in Uruguay, in an internationally competitive sector. IFC will also seek ways to help Conaprole support farmers through linkages programs. IFC will also play an important role in guiding Conaprole’s Environmental Unit in institutionalizing environmental best practices.

This is a category B project according to IFC’s procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result that can be avoided or mitigated by adhering to generally recognized performance standards, guidelines, or design criteria.

Environmental and social review of the project will encompass evaluation of an environmental and social impact study commissioned by Conaprole to an external contractor. In addition, IFC professional staff performed a physical evaluation of the project site and environs.

For further detail please refer to the Environmental and Social Review Summary (ESRS).

Contacts

For Inquiries About the Project, Contact

Mr. Jose Luis Rial Magallanes 1871, 1er Piso CP 11800 Montevideo Uruguay Tel: (598-2) 924-6671

For Inquiries and Comments About IFC, Contact

General IFC Inquiries IFC Corporate Relations 2121 Pennsylvania Avenue, NW Washington DC 20433 Telephone: 202-473-3800 Fax: 202-974-4384E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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