IIC Approves Loan To Molino Cañuelas S.A.C.I.F.I.A. In Argentina

11/16/2009

Washington, D.C. - On November 17, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million (comprising an A loan of up to US$4 million and a B loan of up to US$6 million) to Molino Cañuelas S.A.C.I.F.I.A.

Molino Cañuelas is an Argentinian company specializing in milling wheat into flour and producing food products (mainly mixes, pastas, and cookies). The company also grinds oilseeds (sunflower seeds, soybeans, and peanuts) to produce oils, including the refining, fractioning, and bottling stages. Molino Cañuelas is one of the principal flour producers in Argentina and is the largest exporter.

This is the IIC’s second operation with Molino Cañuelas. The loan proceeds will enable the company to finance permanent operating fund requirements and replace short- and medium-term liabilities with long-term liabilities better suited the company’s needs. The IIC will syndicate part of the loan to attract other banks to finance Molino Cañuelas on the same terms. Financing from the IIC will strengthen the company and support its development.

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: Ana María Orellana (in Chile)

Telephone: + (562) 431-3707

Email: anamariao@iadb.org