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    US$10 Mn. to Support Sustainable Farming in Paraguay

    By Keith R | July 10, 2009

    Topics: Sustainable Agriculture | No Comments »

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    From the International Finance Corporation (IFC):

    $10 Million IFC Financing Supports Sustainable Farming Operations in Paraguay IFC, a member of the World Bank Group, has provided a $10 million working capital facility to Frontera Agropecuaria del Paraguay (S.A.) to support farming operations in Paraguay.

    IFC’s financing will help bring farm land into sustainable production and create opportunities for rural development. Agriculture plays an important role in Paraguayan economy, with more than 42 percent of the population living in rural areas and dependent on agriculture for livelihood. It represents about 25 percent of the GDP, 30 percent of employment, and almost all registered exports.

    Frontera Agropecuaria del Paraguay is a member of Desarrollo Agricola del Paraguay Group, the DAP Group, which is an industrial-scale agricultural farming company producing soybeans, corn, and sunflowers in Paraguay.

    “IFC’s support will allow the company to finance its working capital needs properly and enhance its competitiveness,” said DAP President Pascual Rubiani. He said the IFC investment will help develop agricultural farming “based on a triple bottom-line model–social inclusion, environmental care, and sustainable economic results.”

    Oscar Chemerinski, Director of IFC’s Global Agribusiness Department, said, “IFC financing will play an important countercyclical role during the current financial crisis. IFC will be providing financing to Paraguay’s agriculture farming sector to support local players like the DAP Group that adopts sustainable farming practices. The investment is expected to contribute to rural economic development and increase food supply.”

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