Argentina’S Terminal Zárate S.A. Will Receive A US$14 Million Loan From IIC To Grow Its Operations
05/17/2010Washington, D.C. - On May 18, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$14 million to Terminal Zárate S.A., consisting of an A loan of up to US$7 million and a B loan of US$7 million.
The purpose of the loan is to provide financing for infrastructure work to expand the pier and the container yard and improve the vehicle parking lot. This will help Terminal Zárate boost its operations by making cash flow planning and forecasting easier.
Terminal Zárate is a privately owned port complex that operates as a container, general cargo, and vehicle terminal and provides complementary services. It belongs to Grupo Murchison, which has been in the market for more than 100 years and has broad experience in the Argentine port industry.
With this project, the IIC will help provide long-term financing, which is scarce on the local financial market. This will support the company’s growth and enable it to improve its financial profile. By means of its A/B loan program, the IIC will play a catalytic role in attracting financing for Terminal Zárate on the same terms from foreign financial institutions.
"This operation is very important for Terminal Zárate because it provides financing on appropriate terms at a time when medium- and long-term financing is scarce in the region. The operation will also allow other international financial institutions to participate on equal tenor, rate, and security terms," said Santiago Cat, IIC investment officer in charge of the operation.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.
Contact: Santiago Cat (in Uruguay)
Telephone: + (598) 2915-3696