Smithfield venture in Mexico gets $40 million boost

The World Bank's private-sector lender said this week it will lend $40 million to Norson, a joint venture in Mexico of local investors and the world's largest pork processor Smithfield Foods, to expand production and cut greenhouse gas emissions at its plants.

The International Finance Corp (IFC) said the loan will help Norson Holdings increase production, processing and cold storage over the next four years. The company will also install plastic liners at its waste facilities.

IFC also said it was working with Norson to look at ways to turn methane into electricity.

"This partnership supports food security by promoting agriculture productivity, rural employment, and environmental and social standards," said Jin-Yong Cai, IFC executive vice president and chief executive.