Smithfield Romania receives 60 million USD IFC loan to restructure debt and promote agribusiness employment in Romania

Pork processor and hog producer Smithfield Foods announced in late June that it completed a 60 million USD loan from the International Finance Corporation (IFC) to Smithfield Romania to restructure its debts and support the company′s growth plans to expand its farms and processing facilities in Romania

2015-08-04 23:59:19 - From the Print Edition

The investment will promote employment in the agribusiness sector and the spread of environmental, food safety, and animal husbandry best practices in Romania, according to a press release of the company. "Romania′s agribusiness sector holds great potential for generating employment and improving food security in the country and beyond," said Alzbeta Klein, IFC′s director for manufacturing, agribusiness and services. "IFC is investing in industry leaders who are transferring higher standards, improving efficiency, and helping Romania contribute to global food security." Dariusz Nowakowski, president of Smithfield Europe, pointed out that pork accounts for half of all protein consumption in Romania and demand for pork remains strong domestically and internationally. "We are committed to meeting this demand with the highest performance standards for environment and sustainability including animal welfare," Nowakowski said.
Smithfield Romania, a part of Smithfield Foods International Division, is one of the main pork producers and processors in Europe. IFC is a member of the World Bank Group and is the largest global development institution focused exclusively on the private sector. IFC works with private enterprises in about 100 countries to help eliminate extreme poverty and boost shared prosperity.