Argentine soya crusher and biodiesel producer Renova received on 31 May a US$410M funding package for expanding its operations from the World Bank member International Finance Corporation (IFC) and Dutch Rabobank.

Renova, a joint venture between Vicentin and Glencore subsidiary Oleaginosa Moreno Hermanos, would use the financing to increase the 18,000 tonnes/day soyabean crush capacity at its Timbues, Santa Fe, plant by 50% and double its port’s loading capacity with a new grain port, IFC said in a statement.

The funding package, with IFC and Rabobank acting as lenders on recod, consisted of US$75M from the IFC, another US$75M from Rabobank, and US$260M million from various other financial institutions and banks, including the IIC, FMO, ING and Santander.

“This investment is part of IFC’s commitment to support a vibrant agribusiness sector in Argentina, which is a key contributor to economic and social growth, said David Tinel, IFC manager for Argentina, Chile, Paraguay and Uruguay.

“It will also enhance port infrastructure, an essential driver to improve logistics and competitiveness in the oilseeds and grains supply chain in Argentina,” he added.

Once completed, the expansion was projected to create 300 new permanent jobs at Renova’s facility and benefit 8,500 farmers.

In addition to the crushing plant and port facilities, the company’s Timbues complex includes a lecithin plant and storage facilities and it also operates a biodiesel facility in San Lorenzo, Santa Fe.

Argentina was one of the largest soyabean oil and meal exporters in the world, responsible for approximately 45% share of global trade, according to IFC.

IFC and Rabobank have both been active in the Argentinian oilseed sector for more than 20 years and have each built portfolios and investments worth more than US$1bn.