IFC Investment in Trans-Oil Supports Sustainable Agribusiness in Moldova
Chisinau, Moldova, August 1, 2012—IFC, a member of the World Bank Group, will invest $70 million in Trans-Oil, a leading grain trader and sunflower oil producer in Moldova, to support the country’s agribusiness sector by helping the company expand its operations and make them more sustainable.
With IFC’s support and long-term financing, Trans-Oil will expand its business by acquiring a local oilseed processor and five silos. The company will also make investments to improve its energy efficiency and raise environmental standards.
Vincent Turrisi, General Manager of Trans-Oil, said, “We welcome the support of IFC in developing our business. Cooperation with IFC will help Trans-Oil become a major oilseed crushing and trading group in the region and contribute to the development of the Moldovan economy.”
Guy Ellena, IFC Director for Manufacturing, Agribusiness, and Services in Europe, Central Asia, the Middle East and North Africa, said, “Supporting the development of sustainable agribusiness and increasing food production is a priority for IFC in this region. Our investment in Trans-Oil will help a successful Moldovan company compete regionally and create export opportunities.”
IFC has made agribusiness a global priority and works to enhance food security, promote inclusive economic development, and make environmental and social sustainability a business driver. In Southern Europe, IFC supports countries such as Moldova that have the potential to become significant producers and exporters of agricultural products.