IIC Approves Loan To Jamaica Broilers Group Limited
05/18/2009The IIC’s participation in this operation will allow Jamaica Broilers to fund its working capital needs by replacing short-term credit lines that are being funded by local financial institutions.
Washington, D.C. - On May 19, 2009, the Inter-American Investment Corporation (IIC) approved a US$7.0 million loan to Jamaica Broilers Group Limited (JBG), one of the largest groups in Jamaica. Its main activities are poultry operations, feedstock and farm supplies, and ethanol processing. Other operations of the group include electricity cogeneration, the sale of feed ingredients, cattle rearing, and the processing and sale of beef products and fish.
JBG is a leader in the poultry sector thanks to its efficiency, innovation, and good practices. It’s has facilities located in various rural areas of Jamaica, where it accounts for a large percentage of the employment, both directly and indirectly. JBG’s poultry operations are vertically integrated, and it works with approximately 180 farmers who grow out chicks and to whom the company provides technical assistance, vaccines, and training seminars. With the support of JBG, the contract farmers are currently replacing traditional growing facilities with technologically efficient tunnel-ventilated houses.
The loan to JBL will finance working capital that will support and strengthen the company’s operations.
David Levy, IIC’s investment officer in charge of the operation, stated that "This loan is important for Jamaica because with it the IIC is contributing to the objective of increasing food availability for Jamaicans and keeping good jobs in the country."
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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four transactions 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