NSG Argentina (IFC-42550)

Countries
  • Argentina
Geographic location where the impacts of the investment may be experienced.
Specific Location
Cardales, Buenos Aires
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 15, 2019
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NSG UK ENTERPRISES LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Loan Amount (USD)
$ 80.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Other Related Projects
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 30, 2019

Disclosed by Bank Aug 28, 2019

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

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.

People Affected By This Project
People Affected By This Project refers to the communities of people likely to be affected positively or negatively by a project.

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.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC proposed investment consists of a US$80 million A Loan to fund the Company’s US$222 million investment program in Argentina.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - NSG UK ENTERPRISES LIMITED Undisclosed -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
NSG UK Enterprises
Judy Massa - Group Treasurer
+44 1 744 69 21 02
Judy.massa@nsg.com
Hall Lane Lathom L40 5UF United Kingdom
www.nsg.com
General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works