IFC invests in NSG Group manufacturing capacity in Argentina
The International Finance Corporation (IFC) is investing $40 million in NSG UK Enterprises Limited (NSG UK), a long-standing IFC client and a member of the NSG Group.
The corporate loan will finance the completion and start of operations of the group's greenfield glass production plant in Cardales, Argentina, with an estimated production of 900tpd.
Cardales is approximately 70km north-west of Buenos Aires, the plant will utilise the latest NSG worldwide technology supporting the achievement of industry and sustainability targets.
This includes aspects such as application of Industry 4.0 standards and technologies that support the decarbonization ambition of NSG Group.
IFC's loan to NSG UK, through the company's subsidiary in Argentina, Vidriería Argentina S.A. (VASA), will positively impact the local economy by substituting imports and generating exports, adding value to domestic raw materials and enhancing value chains. Furthermore, IFC will provide an advisory service to VASA to help identify energy efficiency opportunities.
"We are pleased to finance the completion of this project and to strengthen our relationship with NSG UK, a repeat global IFC client with a firm commitment to corporate governance practice and green standards," said David Tinel, IFC's Regional Manager for the Southern Cone. "In the context of the pandemic, IFC has stepped up to continue supporting the private sector in emerging economies".
Image: VASA are building a new float line at Cardales, Argentina