28084 - Arcor WC

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Summary of Proposed Investment

Project Number

28084

Company Name

ARCOR S.A.I.C.

Date SPI Disclosed

Mar 20, 2009

Country

Argentina

Industry

Agribusiness and Forestry

Projected Board Date

Apr 23, 2009

Status

Completed

Sector

Other Food

Department

Regional Industry - MAS LAC

Environmental Category

C - No Impact

Previous Events

Approved : May 19, 2009
Signed : May 27, 2009
Invested : Jun 5, 2009

Project Description

Arcor S.A.I.C. (Arcor or the Company) is a locally-owned company, specialized in the production of sugar confectionery and chocolates, cookies, ice creams and food products, and one of Argentina’s largest exporters and private sector employers. The project entails providing a corporate loan to Arcor to finance part of the company’s long-term working capital needs.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	20.0
Equity

Development Impact

The proposed investment further supports a large Argentine-based South-South player which provides direct employment to more than 20,000 people and has increased its tax payments to the government. Arcor’s operations and facilities, most of which are located in the interior of the country (including frontier provinces), act as key drivers of development for its surrounding communities. The Company enhances the competitiveness of the food supply chain, providing financial and/or technical support to farmers, suppliers and distributors.

The project is in line with IFC’s strategy to contribute to sustainable economic growth by supporting a competitive family-owned company to firm-up its core operations in Argentina and sustain its regional expansion. Arcor operates in a priority sector for Argentina and is largely export-oriented with South-South expansion plans. IFC is uniquely able to support growing companies operating under volatile financial markets. Also, through the B Loan program, IFC will be encouraging commercial banks to provide financing with improved terms.

This investment is a category C project according to IFC’s Environmental and Social Review Procedure. IFC''s review of this renewal of a corporate loan has determined that this investment provides continuing support for a company which is committed to high standards of sustainability and corporate social responsibility. IFC maintains an ongoing dialog with the Company on these matters in conjunction with the existing loans. The new investment will not result in any material change in the environmental and social impacts associated with the project and the covenants and reporting requirements will be extended to cover the proposed investment. The existing project is being supervised regularly, including field visits, and its AMRs are of consistently high quality.

Contacts

For Inquiries About the Project, Contact

Project’s company contact: Gerencia de Relaciones Institucionales Maipu 1210, Buenos Aires, Argentina Tel: (54 11) 4310-9500 www.arcor.com.ar

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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