IIC and Constructoras ICA, S.A. de C.V. sign a loan agreement in Mexico
Washington, D.C. - On March 9, 2011, the Inter-American Investment Corporation (IIC) signed a loan agreement with Constructoras ICA, S.A. de C.V. ("CICASA"). The loan, of up to US$14.5 million, comprises an A loan of up to US$3.5 million and a B loan of up to US$11 million.
The purpose of this IIC loan is to provide CICASA with financing to meet previously assumed capitalization requirements at Los Portales S.A. ("Los Portales"), a Peruvian company in which it holds shares. This will enable Los Portales to expand its activities, mainly in the low income housing segment in the interior of Peru, among others. Loan proceeds will also be used to finance CICASA’s working capital requirements in Mexico.
According to David Levy, IIC Investment Officer in charge of the operation, "With this operation, the IIC is promoting the development of the low income housing sector and supporting cross-border investments, which foster regional integration. This financing will also promote job creation, especially during construction of the housing units, and will thus improve social well-being and spur economic development."Constructora ICA, S.A. de C.V.
CICASA is a Mexican construction company that is part of Grupo ICA, one of Mexico’s largest engineering, procurement, and construction groups of companies. For more information on CICASA, please visit www.ica.com.mxAbout the IIC
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 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: David Levy
Telephone: (202) 623-3969