IIC Approves A Loan To Carnes Zamora, S.A. In Costa Rica

08/18/2008

The US$1.1 million loan will benefit a leading Central American pork product company



San José, Costa Rica - On August 18, 2008, the Inter-American Investment Corporation (IIC) signed a US$1,100,000 loan agreement with Carnes Zamora, S.A., a Costa Rican company that processes and distributes value-added pork products and sells them in the local and international markets. Carnes Zamora is the only pork processor in Central America that is certified to export to Japan.

The company first contacted the IIC when it registered for the FINPYME program in 2007 (www.finpyme.org). The FINPYME program is an innovative IIC initiative that, in Costa Rica, is being carried out in conjunction with Universidad Latinoamericana de Ciencia y Tecnología (ULACIT). ULACIT identifies and evaluates SMEs in Costa Rica to help them become more competitive and gain better access to appropriate sources of financing. The FINPYME program is funded by the Korea-IIC SME Development Trust Fund. Last year Carnes Zamora received the highest score of all the companies participating in the FINPYME program in Costa Rica.

"This financing will provide significant support for our efforts to consolidate our company as the best pork product processor and distributor in the region. These resources will enable us to improve our processes and our products, so we hope to enter new markets and proudly promote the excellent quality of our Costa Rican pork products. We are very grateful for your trust and support," said Mr. Mario Garro Zamora, the company’s general manager.

The signing ceremony took place at the IDB country office in San José, Costa Rica. Present at the ceremony was Fernando Quevedo, IDB Representative in Costa Rica.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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. For more information on the IIC’s activities, please visit www.iic.int.



Contact: Juan Fonseca (in Costa Rica)

Telephone: + (506) 2523-3348

Email: juanf@iadb.org