IDB Invest strengthens the leather industry in Brazil with financing to the Durli Group
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, finances the Durli Group in Brazil and Paraguay, with a financial package in Brazil of $38 million and another in Paraguay of $15 million.
The operation in Brazil consists of a loan of $13.8 million from IDB Invest and the mobilization of $24.2 million from other sources, including $4.2 million from the Chinese Fund for the Co-financing of the Private Sector of the Americas and $20 million of funds managed by Cordiant Capital, Inc. The project will allow Durli Brasil to refinance part of the existing debt and increase its industrial leather production.
Operation in Paraguay supports the launch of the company to that market and consists of a loan of $6 million from IDB Invest, and the mobilization of $3 million from the Chinese Fund for the Co-financing of the Americas and the contribution of the partners for a value of $6 million.
Both loans will go toward the construction of plants for the treatment of leather, and to partially finance the needs of working capital and the refinancing of liabilities.
Through this double financing, the Durli Group will be able to increase its industrial leather production, strengthen its exports, increase its sales in the local market, initiate its international expansion and reinforce the value chain. With the loans led by IDB Invest, the Durli Group has access to terms and grace periods greater than those available in both markets for companies of its characteristics.
About IDB Invest
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting Latin America and the Caribbean businesses. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a current portfolio of $11.2 billion under management and 330 clients in 23 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients. As of November 2017, IDB Invest is the trade name of the Inter-American Investment Corporation. www.idbinvest.org
Grupo Durli is one of the largest tanneries in Brazil, currently with eight industrial plants, including six owned by it in the livestock areas of Brazil, and two plants leased in the states of Bahia and Rondônia. Geographical diversity gives you an advantage in the purchase of your raw materials (skins) and positioning with your customers. Grupo Durli employs more than 1,000 workers at its plants in Brazil. It is an active group in the area of corporate social responsibility and, for example, has a training program for people with disabilities. http://durlicouros.com/english/