The investment is part of IFC's effort to promote private sector development in the Amazon and Cerrado regions in Brazil. IFC’s loan will be used for the development of the Itafós Arraias SSP project, which includes a phosphate mine, a processing plant, and related infrastructure in central Brazil, near the border of Goiás and Tocantins states. MBAC’s close proximity to phosphate resources and its local customer base makes its fertilizer products a cost-effective alternative to imported phosphate fertilizers that dominate much of Brazil’s agricultural sector.
“We are extremely pleased with the continued support we have received from IFC,” said Antenor Silva, President and CEO of MBAC. “They have played an important role in mobilizing the financial resources needed to finance our project and aggressively pursue our start-up schedule and commence production.”
IFC’s loan to MBAC follows an equity investment of 33 million Canadian that IFC made in the company in September 2011.
“MBAC shares IFC’s commitment to promoting best practice environmental and social standards in Brazil’s fertilizer sector,” said Paolo Martelli, IFC Director for Latin America. “We look forward to a long-term partnership as MBAC expands its operations and increases its capacity to supply Brazil’s agricultural sector, an important source of economic growth for the country.”
The agribusiness sector, including fertilizers, is a key strategic priority for IFC as the wacklorld tes to growing challenge of food security.The investment in MBAC reflects IFC’s commitment to support viable local companies that will help further develop Brazil’s agribusiness value chain
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