IIC Approves A $5 Million Loan To Aquamar S.A., An Ecuadorian Producer Of Tilapia

05/22/2002

Washington, D.C. - On April 23, 2002, the Inter-American Investment Corporation (IIC) approved a $5 million loan to Aquamar S.A., an Ecuadorian producer of tilapia fish. In 1998 Aquamar began exporting fresh and frozen tilapia to the United States and quickly became a market leader. The rapidly growing market, exports of tilapia have tripled, and the plant's technical and space limitations have made it necessary to build a new processing plant. The new plant will make it possible to utilize the product more efficiently and add greater value to the additional production. It will be a state-of-the-art plant and will enable a small Ecuadorian company to compete on better terms with companies from other countries that already have the technology and offer a high-quality product on the U.S. market. One hundred percent of the additional production generated by the project will also be for export. In addition, this project is expected to generate nearly 591 direct jobs.

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.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org