IFC Invests in NSG Group to Support Manufacturing Capacity in Argentina
The International Finance Corp., a member of the World Bank Group, announced an investment of $40 million in NSG UK Enterprises Ltd., 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 Argentina, with an estimated production of 900 tons per day, and help address the macro challenges facing the South American country, say officials.
Located in an industrial site in Cardales, approximately 43 miles northwest of Buenos Aires, the plant will utilize 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.
"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," says 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."
In addition, IFC's loan to NSG UK, through the company's subsidiary in Argentina, Vidriería Argentina S.A. is designed to positively impact the local economy by supporting foreign direct investment, 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.
"Since first partnering in 1992, we have built a strong long-term relationship with IFC and are excited about this new opportunity to work together so that we can contribute to the region's economy and the greener environment," says Leopoldo Carlos M. Garces Castiella, head of architectural glass, South America, NSG GRoup. "The NSG Group is aiming to be a global glass supplier contributing to the world with high value-added glass products and services."