IIC and a family-owned chemical and plastic company in Paraguay sign a loan agreement for up to US$250,000 under the Small Business Revolving Line

06/30/2011

Asunción, Paraguay – On July 1, 2011, the Inter-American Investment Corporation (IIC) signed a loan agreement with Fibras de Vidrio Caaguazu Sociedad Anónima (Fibrac S.A.) The latter will use the proceeds to expand its facilities and purchase machinery.

Fibrac S.A.’s fiberglass-reinforced plastic products range from water storage tanks to barge covers. The company employs thirty people directly.

According to Cristina Paredes, IIC consultant in charge of the operation, "With this operation the IIC is supporting the chemical and plastic industry, which will have a positive impact on private sector development, create jobs, and benefit Paraguay’s economy. The IIC loan will enable the company to venture into profitable areas where it can capitalize on its experience."

Signing for Fibrac S.A. were owners Bernardo Tomás Barboza Velázquez and María Antonia González de Barboza. Investment Officer Hernando Lesme signed for the IIC.

The Small Business Revolving Line is offered in The Bahamas, Barbados, Belize, Bolivia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Guyana, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, Suriname, Trinidad and Tobago, and Uruguay. It targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, and construction sectors, as well as any other sector that contributes to the local economy.

About 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 forty-nine 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: Cristina Paredes (in Paraguay)

Telephone: + (595 21) 616-2320

Email: cristinapar@iadb.org