The funds will be used to spur employment and exports in the agro-industry through regional expansion and increased sales volumes. The loan provides vital support for the sector.
San Miguel received a US$100 million loan from Rabobank, the International Finance Corporation (IFC) and the Inter-American Development Bank’s IDB Invest for its operations. The loan will help the company and the industry grow over the coming years.
San Miguel plans to expand by increasing production in all of the countries where it operates. This means it will continue to position itself as one of the leading companies in the Southern Hemisphere as a citrus supplier, creating employment for local producers and ensuring the industry’s productivity.
The loan will help boost the work done jointly between the private and public sectors, which has opened the possibilities of not only exporting supplies to the U.S. market but also the Brazilian and Mexican markets.
In our business, we have long-term assets, chiefly our fields with plantations and citrus trees that can live up to 30 years. That means it is very important that we have a capital structure with flexible and long-term conditions. From the moment a tree is planted until it reaches self-sufficient productivity, there is a very long period of dedication, work and innovation.
Citrus fruits are among the most popular fruits in the world. In the last five years, global demand for lemon oil and sweet citrus fruits such as oranges and mandarins has been growing at more than 3% per year.
In addition, with the expansion of our portfolio to new fruits such as grapes and avocados, the possibilities of reaching new markets and consumers are strengthening every day. The support of these entities is an incentive to continue innovating, growing and reaching thousands of homes around the world with premium products.