World Bank's IFC division makes $10 million loan to expand Regal Springs' Chiapas tilapia project
SEAFOODNEWS.COM by John Sackton - Dec 18, 2014
The World bank's IFC (International Finance Corporation) announced it is making a $10 million loan to Regal Springs tilapia project in Chiapas, Mexico.
The $10 million will go to Acuagranjas Dos Lagos to fund the expansion of its fish farming and processing operations in the Mexican state of Chiapas.
Acuagranjas Dos Lagos, a subsidiary of Regal Springs, plans to invest USD $24 million to eventually bring its production and processing capacity in Mexico to 70,000 metric tons of fish. The project will help address increasing demand for tilapia in Mexico and in global markets, and help efforts to reduce pressure on wild fish stocks amid three decades of steadily growing global fish consumption.
The investment will support employment in one of Mexico’s poorest states, by increasing jobs in the company to over 2,500 employees...
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