IIC and Café Britt Costa Rica S.A. sign an agreement for a loan of up to US$4 million
07/20/2010San José, Costa Rica - The Inter-American Investment Corporation (IIC) signed a loan agreement for up to US$4 million with Café Britt Costa Rica S.A., a subsidiary of Grupo Britt, N.V.
This IIC loan will provide Café Britt S.A. with appropriate permanent working capital financing that will help it plan its operating funding requirements at the regional level.
Pablo Vargas, Grupo Britt’s CEO, said: "This is another milestone in the history of Grupo Britt. It is very important for our organization to have the support of a multilateral institution such as the IIC whose focus on the development of Latin America meshes well with a multi-locale business approach that promotes the development of the communities where the company operates."
According to Juan Fonseca, IIC Investment Officer in charge of the operation, "The IIC is supporting a local company operating internationally that, over the years, has managed to break the pattern in a very traditional industry in the region by innovatively positioning itself with unique, quality products."
Mr. Pablo Vargas signed on behalf of Café Britt Costa Rica S.A. Mr. Fernando Quevedo, the Inter-American Development Bank Representative in Costa Rica, signed on behalf of the IIC.
Café Britt is a gourmet coffee roasting and chocolate manufacturing company. It operates 70 gift shops in 8 countries. Its unique business model has enabled the company to consolidate its brand internationally and expand its area of influence in airport shops and other tourist sites in Latin America. Its stores and value-added products focus on offering authentic local fare.
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: Juan Fonseca (in Costa Rica)
Telephone: + (506) 2523-3348