our beginnings
It was over half a century ago that the idea of LAAD was conceived by two executives
serendipitously seated side by side on an eight-hour flight from Europe to the United States. Paul Cornelsen, a senior officer of Ralston Purina Company, and William H. Bolin, a vice president of Bank of America responsible for Latin America, discovered they had a lot in common during that flight in 1968.
By the time they had landed in Chicago, they had concluded that it would be a worthwhile project
for several major companies interested in Latin American agribusiness to form a corporation; this
corporation would provide financial resources for private-sector agricultural development in the
region, “financing private efforts all the way through the chain,” they could successfully support
projects while simultaneously developing the market.
For several months they held meetings and phone calls with CEOs, selling their idea of financing
their own development company. As a result of these efforts, Bank of America and Ralston Purina
– along with other multinational companies and financial institutions, invested $200,000 each for
a total of US$2 million in initial capital for a venture they would call “Latin American
Agribusiness Development Corporation.”
LAAD’s mission was simple: “To promote the economic and social development of Latin America
by financing private agribusiness companies” that produced agricultural products for export, thus
creating rural employment and stronger foreign exchange.
our portfolio
By 2000, LAAD’s portfolio amounted to US$105.8 million and had created 47,000 jobs.
Expansion continued, offices opened around South America, incorporating skilled professionals
at all levels. Boasting an experienced and knowledgeable management team and growing
partnerships, LAAD was able to overcome the challenges brought on by the global financial crisis
in 2008. By 2010, LAAD had a US$309.5 million portfolio and had created 120,000 jobs.
LAAD’s fifth decade started in the aftermath of the financial crisis and concluded in the midst of a
global pandemic that has changed the world and the way business is conducted.
key values
What continues to hold LAAD’s key value is the belief that “it’s all about people.” Over the
course of five decades, LAAD has not only grown through adversity, but has worked to support its
communities during times of need. LAAD has become closer to clients by establishing and
growing its local presence over the past decades, understanding that the commitment to these
relationships is what sets LAAD apart.
Now we have marked over half a century of LAAD’s existence and the fulfillment of our long-
standing goal of surpassing $1 billion in loans. From a non-financial perspective, we feel blessed
and fortunate to continue our mission of assisting and supporting agribusiness projects in their
role of feeding the world.
DEVELOPMENTS
Significant to LAAD’s mission is creating sustainable impact for small and medium farmers in
Latin America. We recognize the importance of transforming agriculture into a sustainable and resilient activity that addresses the social, environmental, and economic challenges posed by
climate change and a growing global population. Several initiatives have been developed, such
as the creation of a “Green Finance Framework” for green loans and bonds, which aligns our
objectives with the United Nations Sustainable Development Goals.
We are closely working with our clients and partners in transitioning to a climate smart and
sustainable agriculture sector. Leveraging on over 50-year track record, expertise, market
intelligence, regional presence, and consolidated relationships with stakeholders, LAAD has
created the Strategic Business Unit (SBU) to develop complimentary services and provide
better support with additional benefits along the agribusiness value chain.
The values that define our corporate culture are the foundation and roadmap in striving to do our
best. The resilience of our people, adapting to a new reality, embracing virtual communications,
and acting with integrity in every moment, are instrumental in attaining our hard-earned success
throughout years.
We would like to thank every member of the LAAD family for achieving incredible outcomes
throughout its operational history, LAAD is today a better institution thanks to our collective
efforts. We are very proud to honor our founders, who believed that development and profit,
generally considered mutually exclusive, are in fact quite compatible.
