Pork producer and processor Smithfield Romania has secured $60m in loan from the International Finance Corporation (IFC) to expand its operations in the country.
The loan amount will be spent on restructuring its debts and to expand its farms and processing facilities across the country, where pork accounts for half of all protein consumption, the company said.
Smithfield Foods president and CEO C. Larry Pope said: "Today's announcement is a wonderful development for Smithfield Romania because the IFC loan will not only help promote greater production and job creation, but it will also enhance the company's ability to improve its sustainability program to meet the ever-changing needs and demands of its customers and consumers."
The company will also increase employment and continue to implement best practices throughout its environmental, food safety and animal care systems.
IFC Manufacturing, Agribusiness and Services director Alzbeta Klein said: "Romania's agribusiness sector holds great potential for generating employment and improving food security in the country and beyond.
"IFC is investing in industry leaders who are transferring higher standards, improving efficiency, and helping Romania contribute to global food security."
