Proteak Obtains $65 Million Dollar Credit Facility From IFC and PROPARCO
MEXICO CITY, Jan. 18, 2017 /PRNewswire/ -- Proteak Uno, S.A.B. de C.V. (Proteak, BMV: TEAK), the leading Mexican company in the international forestry sector, announced that the International Finance Corporation (IFC) and the Promotion and Participation Agency for Economic Cooperation (PROPARCO), granted a multilateral credit facility for $65 million dollars, an unprecedented event in Mexico.
This facility will be utilized to support the Company's rapid growth through the sustainable development of up to 10,000 new hectares of commercial forest plantations and restructure Proteak's current debt with improved conditions.
Ary Naim, Director of IFC for Mexico, commented: "This new IFC support to Proteak reflects our long-term commitment to a company that has developed a successful model of forest production that is managed under the highest international standards of environmental protection. It will also contribute to diversify the economy on the regions where Proteak operates, as well as to the efficient integration of local producers through its Small Producers program. We are pleased to be part of this project that seeks to boost productive enterprises and job creation in Mexico".
Amaury Mulliez, General Director of PROPARCO, added: "We are very pleased to be partnering, along with the IFC, with a dynamic business such as Proteak in its next phase of growth. It is fully in line with Proparco's green and inclusive growth mandate in Latin America to support a company, which has developed a sound expertise in the development of certified plantations and has contributed to the implementation of the highest forestry standards in Mexico. Our financing will allow Proteak to expand its activities and support its diversification strategy, which will contribute to the reforestation of degraded areas and the reduction of carbon emissions."
IFC, an institution of the World Bank Group, is the leading international development institution exclusively dedicated to the private sector in emerging markets. For more information, visit www.ifc.org. In 2012, IFC granted a first loan to Proteak for US $10 million to boost its expansion.
Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for almost 40 years. For more information visit: www.proparco.fr
Proteak is the largest forest-industrial company in Mexico and Central America. For more information, go to: www.proteak.com
Contact
Alejandro Ramirez Arcia
IR Consulting Mexico
+52 (55) 5980 9923
[email protected]
SOURCE Proteak Uno, SAB de CV
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