IIC approves loan of up to US$3 million to Cartones Villa Marina S.A. in Peru

03/16/2011

Washington, D.C. - On March 15, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3 million to Cartones Villa Marina S.A. ("Carvimsa") in Peru, to meet the company’s future permanent working capital needs resulting from the expansion of its operations.

According to Juan Fonseca, IIC Investment Officer in charge of the operation, "This medium-term operation will enable the IIC to strengthen its contribution to private sector development in Peru, because Carvimsa is associated with such economic sectors as the agricultural, textile, pharmaceutical, and food sectors. The operation will result in foreign exchange savings because most of the company’s corrugated cardboard will be manufactured at its mill using locally-sourced secondary fiber. The operation will also boost Peru’s exports, considering that Carvimsa will be able to export paper and cardboard to clients and affiliated companies, mainly in Ecuador."

About Carvimsa

Carvimsa manufactures corrugated packaging materials and has its own paper mill. It is part of Grupo Cartopel, which is in turn part of Grupo Comeca. It began operations in 1997 and its main line of business is manufacturing, marketing, and distributing folding and ready-to-use crates made of corrugated cardboard and linerboard, as well as paper from its own mill since mid-2010. For more information about Carvimsa, please visit www.carvimsa.com

About 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 2010, the IIC reached US$1.4 billion in assets and approved forty-nine operations channeling US$374.8 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

Email: juanf@iadb.org