IFC Investment in SLC Agrícola Supports Brazil’s Agricultural Sector
IFC, a member of the World Bank Group, has signed an agreement with SLC Agrícola, one of Brazil’s largest agricultural producers, to help the company expand operations and develop an integrated management system for identifying environmental and social risks and opportunities.
The $40 million long-term loan of up to10 years will support SLC Agrícola’s growth plan through the acquisition and leasing of new cultivable land. The company also plans to expand its cotton production capacity. Its investment program will help create jobs and establish farms in areas of Brazil where formal employment is limited, particularly in the northeast, one of the country’s poorest regions.
This is IFC’s first loan to a Brazilian company that focuses exclusively on primary agricultural production. “This financing is very important for SLC Agrícola because of the extended terms of the loan and the social and environmental enhancements that we will be able to develop with IFC’s support,” said Laurence Gomes, Financial and Investor Relations Director for SLC Agrícola.
“IFC has increased its focus on midsize Brazilian companies, and we support their efforts to improve environmental practices. We are partnering with SLC Agrícola because of its good corporate governance and implementation of risk management systems that address social and environmental issues,” said Andrew Gunther, IFC General Manager in Brazil. “SLC Agrícola was the first company in the agricultural sector to open up its capital and to be listed on the BOVESPA Novo Mercado.”
SLC Agrícola offers its employees good benefits, and it is the only company in the sector that has a profit participation program.
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