News Column

Olive Oil Project in Argentina Secures OPIC loan

January 13, 2011
Olive Oil

Argentine Olive Ranch in San Juan, Argentina is pleased to confirm that it has received a loan of 10 million USD for its integrated olive grove and oil processing facility in San Juan, Argentina. The project is based on 2,500 acres of land in San Juan and is a fully integrated operation from the tree nursery to final processing of extra virgin olive both for export to US and other markets worldwide. The CEO of the company is Mr. Ralph Rybacki and the principal Argentine shareholder and joint founder is Ignacio Aldao.

GIC Group, a 32 year old international agribusiness company, is serving as investment advisor to the project. Dawson Williams, GIC VP and Director for Latin America, noted that with the fully securitized OPIC loan, AOR will be better positioned to invite additional equity investors. Rick Gilmore, President/ CEO of GIC, said,"OPIC's participation has a catalytic development role for the San Juan region as well as helping launch a profitable, environmental friendly agribusiness project in the region."

San Juan is a semi-arid area whose primary economic activity is mining. The AOR project will be the first olive production site in the region which will also bring infrastructure development such as 37 kilometers of power lines as well as farm and service employment.

The loan amount is the largest written by OPIC since Argentina's default. It is a greenfield venture which extended the timeline in getting the deal up and running. Williams commented, "we think AOR's success can serve as a model greenfield venture in several regions in Latin America."

For further project and investment information, please contact: Dawson Williams, GIC Group: 703-684-1366; dawsonwilliams@gicgroup.com

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