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

07/15/2008

The IIC loan will benefit a leading company in Central America’s pork market

Washington, D.C. - On July 15, 2008, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1,100,000 to Carnes Zamora, S.A., a Costa Rican company that processes and distributes value-added pork products. The company sells its products in the local and international markets and is the only pork processor in Central America that is certified to export to Japan.

Carnes Zamora 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 with the goal of improving their competitive profiles and access to adequate sources of financing. The FINPYME program is funded by the Korea-IIC SME Development Fund. Last year Carnes Zamora received the highest score of all the companies participating in the FINPYME program in Costa Rica.

The loan proceeds will be used in part to improve the processing plant and purchase new equipment. The loan will also help further the company's vertical integration with small pig farms. This will contribute to the company’s growth and help it develop in strategic market areas. The company’s plans for the future include starting up a genetic improvement lab to improve meat quality by reducing fat content and increasing disease resistance, and to improve reproductive output.

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