Exportadora Frutícola del Sur S.A. Receives IIC Loan for up to US$2 Million
IIC supports growth of a company that has been a trailblazer in Peruvian exports of asparagus and pomegranate
Washington, D.C., April 5, 2013 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$2 million for Exportadora Frutícola del Sur S.A. (Exfrusur) to promote growth of its agricultural activities.
The project consists of financing to expand and diversify Exfrusur’s agricultural activities by planting 112 hectares with pomegranate, 10 hectares with blueberries, and 26 hectares with dates, as well as the purchase of land, machinery, and planting equipment. The total cost of the operation will be around US$4.8 million.
According to Olga Lucía De Narváez, the IIC’s senior investment officer in charge of the project, “The IIC operation will help grow Peru’s economy by supporting the agricultural sector and improving access to export markets. This financing will also help Exfrusur increase its production capacity, shore up its competitive position, and generate employment opportunities.”
Exfrusur is a Peruvian company that belongs to the Athos group—a conglomerate of seven companies with more than 20 years’ experience in the packing, marketing, and export of agricultural products. The company’s core activities are packing agribusiness products, processing fruit and vegetables, and exporting asparagus, pomegranate, and vegetables. In recent years, Exfrusur has been expanding its activities into produce-growing operations, including the cultivation of dates and blueberries. The company has been a trailblazer in Peruvian exports of asparagus and pomegranate. Currently, Exfrusur exports its products to the United States, Europe, and Asia.
This is the second IIC operation with a company of the Athos group. The first one was a loan granted to Ica Pacific S.A. in 2010, to refinance short-term debt and provide it with working capital. That IIC loan improved the company’s financial structure.
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 enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2012, the IIC approved 73 operations totaling US$378.9 million. Throughout our history, we have approved nearly 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’s activities, visit www.iic.org.
Contact: Olga Lucía De Narváez
Telephone: +57 (1) 325-7052 in Bogotá