Image: Pixabay
AMAGGI, a giant Brazilian agribusiness company, received financing of US$ 209.5 million from the International Finance Corporation (IFC) and banks Rabobank and Santander to expand its sustainable and traceable 100% production. According to AMAGGI's executive president, Judiney Carvalho, at least four of the company's farms in Mato Grosso over the next three years should receive incentives.
{module Form RD}
“In recent years, cotton has become increasingly relevant at AMAGGI, which has invested heavily in sustainable management, socio-environmental certifications and 100% traceability of production. The granting of financing from such discerning institutions – such as IFC, Rabobank and Santander – confirms that we are on the right path to meet the demands of the international market”, assesses the executive president of AMAGGI, Judiney Carvalho.
In this scenario, of the US$ 209.5 million to be invested in AMAGGI within three years, US$ 100 million will be allocated directly by IFC, a member of the World Bank Group and the largest global development institution focused on the private sector in developing countries. All cotton production linked to this international fundraising involves zero deforestation and meets socio-environmental criteria such as those of the Better Cotton Initiative (BCI) and the Responsible Brazilian Cotton (ABR) seal, also aligned with the Socio-environmental Policy and the Global Positioning of Company sustainability.
“One of IFC’s strategies in Brazil is to reconcile the country’s economic growth and sustainability challenges. In alignment, IFC's investment will help support AMAGGI's growth, while also demonstrating the viability of sustainable cotton production. We are sure that this will encourage other cotton producers to adopt better production practices, strengthening the sector's competitiveness and supporting the cotton sustainability agenda around the world”, says IFC country manager for Brazil, Carlos Leiria Pinto.
By: Leonardo Gottems | agrolink
