27364 - Exolgan S.A.

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Summary of Proposed Investment

Project Number

27364

Company Name

EXOLGAN SA

Date SPI Disclosed

Mar 12, 2009

Country

Argentina

Industry

Infrastructure

Projected Board Date

Apr 15, 2009

Status

Completed

Sector

Port and Harbor Operations

Department

Regional Industry INF LAC & EUR

Environmental Category

B - Limited

Previous Events

Approved : Jun 9, 2009
Signed : Jun 26, 2009
Invested : Aug 27, 2009

Project Description

Exolgan S.A. (“Exolgan” or the “Company”) operates the second largest container port terminal in Buenos Aires (“BA”). The terminal is located at the Dock Sud area, about 8 km south of BA. The terminal handled about 500,000 TEU in 2007.

Exolgan is implementing an investment program including (1) dredging, construction and extension of the berths and the container yard, (2) purchase of new equipment and land; and (3) other investments including upgrading IT system and facilities.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	40.0
Equity

Development Impact

The project will strengthen the Argentine port sector by helping to expand a key container handling facility to better serve Argentine exports and imports. As cargo volumes continue to grow with Argentina’s economic growth and increasing integration with global markets, port facilities will need to be expanded and modernized. The investment will help address Argentina’s need for additional port capacity and increase trade by helping ensure the efficient and timely export of containerized cargo. The investment would help to: (i) reduce the cost of transportation and thereby benefit shippers, shipping lines and consumers alike, (ii) encourage neighboring ports to increase their own efficiency and, therefore, serve as a catalyst for increased trading activity in the country; and (iii) result in more revenues (port fees) to Argentina and additional employment.

IFC’s involvement would (i) provide long-term debt financing for the Company that would otherwise be difficult to obtain in Argentina due to the continued perception of country risk and under the current financial market, (ii) ensure the company’s compliance with IFC environmental and social performance standards; and (iii) mobilizing other long-term financing through IFC’s B loan umbrella. IFC’s experience in financing other port projects globally is also an important consideration for the Company.

The Port has been in operation for a number of years and is located in a heavily intervened industrial area of BA. Potential environmental and social impacts associated with the project have been identified and can be avoided or mitigated by adhering to generally recognized performance standards, guidelines, design criteria and basic engineering technology. Resettlement generated by the project is minimal and related impacts will be mitigated. Consequently, according to IFC’s Environmental and Social Review procedures the project has been categorized as B.

Contacts

For Inquiries About the Project, Contact

Chief Executive Officer
Exolgan
Alberti 1780
(B1871ESF) Dock Sud,
Avellaneda, Bs.As., Argentina
www.exolgan.com

For Inquiries and Comments About IFC, Contact

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2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
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E Mail: Webmaster

Local Access of Project Documentation

Exolgan
Alberti 1780
(B1871ESF) Dock Sud,
Avellaneda, Bs.As., Argentina

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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