Compañía Azucarera Salvadoreña CASSA Receives US$10 Million Loan to Finance Small and Medium-sized Sugarcane Growers
Proceeds of the Loan to benefit some 100 small and medium-sized sugarcane growers in El Salvador
Washington, D.C., December 18, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$10 million to Compañía Azucarera Salvadoreña S.A. de C.V. (CASSA), El Salvador’s leading sugar producer and exporter, to finance some 100 small and medium-sized sugarcane growers in the company’s supply chain. The proceeds of the Loan will also be used to purchase raw materials.
“The vast majority of CASSA’s suppliers are small and medium-sized growers who need technical assistance and financing to operate effectively,” noted Mónica Navarrete, IIC senior investment officer in charge of the operation. “CASSA provides this support to the sugarcane growers, and the IIC, in turn, will facilitate resources for the company to strengthen this value chain.”
Founded in 1964, CASSA is a sugar producer and exporter. Its main operations consist of its production plants, Central Izalco and Ingenio Chaparrastique, where it manufactures sugar and molasses for the domestic and international markets. The company also generates and sells renewable energy from cane bagasse at its 60 MW electricity cogeneration plant at Central Izalco.
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). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2012, the IIC approved more than 70 operations totaling some US$400 million. Since its inception in 1989, the IIC has approved approximately 800 direct loans to SMEs and financial intermediaries, for a total of US$4.8 billion. An additional US$2.8 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Mónica Navarrete
Telephone: +(503) 2233-8901 in El Salvador