IIC approves loan of up to US$1.25 million for Cajas y Bolsas, S.A. in El Salvador
Washington, D.C. – On December 9, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1.25 million to Cajas y Bolsas, S.A. in El Salvador for the purchase of equipment to modernize their printing and die-cutting processes for certain products used in agribusiness.
According to Jaime Moreno, Regional Financial Manager at Cajas y Bolsas, "Our investment in this equipment enables us to offer stronger, higher-quality boxes to the Central American agricultural market faster. Growers of agricultural products such as watermelons, cantaloupes, pineapples, bananas, vegetables, oranges, and lemons for export to the United States and Europe benefit from having their products packaged when and where they need it, optimizing their harvest time and ensuring they do not have problems with collapsed boxes. This leads to increased opportunities for export growth."
According to Juan Fonseca, IIC Investment Officer in charge of the operation, "It is expected that this operation will have a positive impact on the development of the private sector. Cajas y Bolsas is one of the leading companies in the corrugated cardboard market in Central America. This investment will help the company better utilize its production capacity by modernizing its equipment and making its internal processes more efficient."About Cajas y Bolsas, S.A
Cajas y Bolsas is one of the leading corrugated box manufacturers in El Salvador. It is focused on the industrial and commercial sector in El Salvador and Central America, and in recent years it has strengthened its presence in the agro-export sector. Cajas y Bolsas is part of the CYBSA Group, a Central American group of companies in the packaging industry (providing corrugated, folding, and flexible packaging solutions) headquartered in El Salvador, with operations in Costa Rica and sales throughout Central America and the Caribbean. For more information about Cajas y Bolsas, please visit www.grupocybsa.comAbout the IIC
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int
Contact: Juan Fonseca (in Costa Rica)
Telephone: + (506) 2523-3317