Bakery in Suriname to Expand Production and Modernize its Product Lines with IIC Support
Loan of US$10 million to Fernandes Bakkerij N.V. will enable it to continue to pursue its growth and competitiveness strategy
Washington, D.C., December 10, 2015 — The Inter-American Investment Corporation (IIC) approved a long-term loan of up to US$10 million to Fernandes Bakkerij N.V. (FBV) in Suriname to increase its production capacity and modernize its lines of baked goods.
The project has two phases. In the first phase, it will establish a new confectionery, establish a new snacks and baked goods production line, modernize its current facilities, and build new bread and desert production lines. In the second phase, capacity of the bread production lines will be expanded and a new oven will be installed.
"With this investment, the IIC is supporting a Suriname company in a long-term production expansion that will help it to improve its environmental management standards and enable it to develop new products with greater added value. The support will also give it the opportunity to export to other countries in the Caribbean region," said Aniceto Huertas-Corcelles, the IIC senior investment officer in charge of the operation.
FBV was founded more than 50 years ago and focuses on producing and distributing baked goods, including a variety of breads, pastries, and snacks aimed at the retail market. The company leads Suriname's bread and pastry market. FBV is also present in Georgetown, Guyana, from where it has begun operating internationally.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its inception, the IIC has approved more than 920 loan and equity investments for SMEs and financial intermediaries, for a total of US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC's activities, visit www.iic.org.
Contact: Aniceto Huertas-Corcelles
Telephone: +1 (202) 623-2036 in Washington, D.C.