NSG UK Enterprises Limited , a leading global glass producer has invited IFC to consider providing up to US$80 million corporate loan to finance its investments in Argentina. Vidrieria Argentina S.A. (“VASA”), 51% owned by NSG UK and 49% by Saint-Gobain Cristalerias S.L. (Spain), will build a new float glass line with an anticipated initial production of 225,000 tons per annum (“tpa”) on the Exaltation de la Cruz industrial site located 70 kilometers north-west of Buenos Aires.
The Project is expected to have a positive development impact by (i) increasing access to high quality, affordable float glass for SMEs operating in the construction sector in Argentina and neighboring countries, which is likely to result in improved competitiveness and growth of local SMEs; (ii) contributing directly to Argentina's balance of trade by replacing imports with local competitive production by a leading local company; (iii) creating a large number of direct and indirect new jobs; and (iv) training and developing the skills of the newly recruited staff.
IFC proposed investment consists of a US$80 million A Loan to fund the Company’s US$222 million investment program in Argentina.
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