IIC Approves Loan To Golden Grove Sugar Company Limited In Jamaica

11/16/2009

Washington, D.C. - On November 17, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$4 million to Jamaica's Golden Grove Sugar Company. In addition to growing sugar cane, Golden Grove processes raw sugar and molasses.

The project being financed calls for acquiring and upgrading an existing sugar plant and ancillary assets and purchasing additional land for planting sugar cane. The IIC loan will also help meet operating funds requirements.

According to David Levy, IIC investment officer in charge of the operation, "This project is relevant for supporting the sugar sector in Jamaica, a sector that is important not only for economic but also for social and cultural reasons. The project will increase the efficiency and productivity of an existing operation, rendering it more competitive. I am very pleased that two Jamaican companies, Seprod and Fred Jones, joined their efforts to make this possible with the support of the IIC."

The IIC 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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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: David Levy

Telephone: (202) 623-3969

Email: davidl@iadb.org