IIC and Invertec Pesquera Mar de Chiloé S.A. Sign Mandate Letter

03/20/2001

SANTIAGO, CHILE - The Inter-American Investment Corporation (IIC)1 and Invertec Pesquera Mar de Chiloé S.A. ("Pesquera") signed the mandate letter that is part of the IIC's process of evaluating requests for corporate financing. The letter was signed by Messrs. Jacques Rogozinski, General Manager of the IIC, and Mario Montanari, President of Invertec Pesquera, who are attending the Sixteenth Annual Meeting of the Board of Governors of the Inter-American Investment Corporation that is being held in Santiago, Chile, from 19 to 21 March. Also present at the signing ceremony were Messrs. Ricardo Merino S., General Manager of Invertec Pesquera, and German Quintana, IDB/IIC Executive Director for Chile.

Chile has a competitive advantage in the world's fast-changing pisciculture industry, and Pesquera, as one of the top fifteen salmon producers in the world, is a significant generator of employment as well as hard currency earnings for Chile. Pesquera's vertically integrated sea farming operations produce salmon, trout, and scallops, as well as processing the final product.

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1 The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For further information on IIC's activities, please visit our Web site (www.iadb.org/iic) or contact Mr. Jorge Roldán at 202-623-3948.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org