03 October, 2011
Finnvera and IDB to finance Montes del Plata.
The Inter-American Development Bank and Finnvera, the Export Promotion Agency of the government of Finland, agreed to loan USD 1,354 million to Montes del Plata, a joint venture between Arauco and Stora Enso.
The agreement completes the external financing planned for the construction of the industrial complex at Conchillas.
This is an important step for Montes del Plata, because it ensures external financing for the project and implies the recognition by international organizations of the benefits and importance this undertaking has for the development of the country, noted Erwin Kaufmann, Montes del Plata General Manager.
The Montes del Plata industrial project, which will be operational in Q1 2013 in Punta Pereira, department of Colonia, includes a state-of-the-art pulp mill, a deep water port and an electric power generation plant based on renewable resources. Forty percent of the USD 1,900 million total investment will be supplied by the shareholders in equal parts and the remaining 60% will come financial entities.
Support by Finnvera and the Inter-American Development Bank denotes their full confidence in the company`s sustainability of operations environmental, social and economic performance as well as their recognition of the strategic importance the project has for the development and position of the forestry sector in Uruguay.