Asunción, Paraguay , July 23, 2020 (GLOBE NEWSWIRE) -- The company Agrofertil, of Sarabia Group, signed financing agreements with the International Finance Corporation (IFC), member of the World Bank and the Netherlands Development Finance Company (FMO) to strengthen the task of reinvigorating the agricultural sector and the growth strategy during the Covid-19 pandemic. The lines of credit will be used as investments in silos and branches and the supply financing to producers, in a way they can develop their crops and receive technical throughout the entire productive process.
The Director of Sarabia Group, Antonio Ivar Sarabia, revealed that the business group will receive the project financing of U$D 28 million, of which U$D 10million are from IFC and U$D 18 million from FMO, credits that will be destined to finance the next agricultural campaign, with the goal of contributing to the productive community’s social development, by strengthening the chain of value.
“At Agrofertil we work to increase the productivity and profitability of producers, to whom we consider strategic associates. Covid-19 pandemic generated a crisis for which we reinforced the commitment for the next campaign in order to start thinking in the economic recovery”, stated the Director, Antonio Ivar Sarabia.
Besides, he highlighted that Agrofertil is a leader in the commercialization of supplies and grain stockpiling in Paraguay, committing themselves to the producers’ permanent training by the company’s professionals and the constant boost innovation.
On the other hand, Paulo Sergio Sarabia, Agrofertil’s director, indicated “the approved credit lines will contribute at a critical time of the domestic economy. The project’s goal is to minimize the Covid-19 impact and will serve to Agrofertil to keep its financing levels and assistance to rural producers for the next crop, even at these difficult times the world economy is going through, contributing to the agricultural sector recovery”.
In a statement published on the International Finance Corporation (IFC) website, the entity recognizes to Agrofertil as the ideal associate to move forward this kind of project, since the credit granted has the aim of injecting liquidity in the Paraguayan market in a way that the capital requirements are financed, previous to the harvest of thousands of small farmers, contributing to ensure the continuity of operations of the agro-industrial sector.
In addition, in an official communication, the Netherlands Development Finance Company (FMO) emphasized that they signed a loan with Agrofertil of U$D 18 million, since it is a company that plays a key role in Paraguay’s agricultural industry by providing supplies on credit to the farmers, as well of providing commercialization services to help the farmers sell their grains in an efficient way with the goal of generating employment in the inner country cities.
It should be noted that both financial entities support the sustainable growth of the private sector from countries in development and emerging markets via the investment in projects and ventures highly ambitious. Regarding the granted credits to the company of Sarabia Group, they indicate they focused on reinforcing the agro-industrial sector as a result of the Covid-19 pandemic and they assure that precisely during these times of crisis, it is important to continue investing through key allies.
The funding received will help to the company leader in Paraguay’s agricultural sector to minimize the Covid-19 impact on the economy, to finance its recent investments in grain silos network, besides keeping the financing levels and assistance to rural producers.
The Sarabia Group is an Agribusiness leader in Paraguay in terms of production and commercialization of agro-chemicals and grains stockpiling throughout its companies Tecnomyl and Agrofertil. Its directives José Marcos Sarabia, Paulo Sergio Sarabia and Antonio Ivar Sarabia actively participate of the Corporate Social Responsibility actions, encouraging activities in support of the most vulnerable areas and the environmental care.
Agrofertil
59521615170
News Via
Attachment