IIC Approves A Loan Of Up To US$3 Million For The Chilean Agribusiness Sector

11/21/2005

Washington, D.C.- On November 22, 2005, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3 million to Exportadora Ben David S.A. Financing from the IIC will help the company meet three key objectives in its expansion and vertical integration plans: increase its exports to off-season markets in the northern hemisphere, enter new markets, and start producing new varieties of fruit. The IIC loan will also help small growers who export their products through Ben David become EurepGAP, BPA, and Natural Choice certified. This will enable them to export their fruit under free trade agreements between Chile and other countries.

The loan will help establish more table grape plantations and a new kiwi plantation, as well as a permanent working capital base. This will increase the amount of fruit the company sources from its own subsidiaries to ensure consistent supply and quality. Ben David S.A.'s operations are also certified under EurepGAP and Natural Choice standards, ensuring compliance with European Union standards. With this operation, the IIC is seeking to support the development of the Chilean agribusiness sector through projects that increase operating and marketing efficiencies and spur export growth.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating 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, visit its Web site at www.iic.int.

Contact: Steven Reed/Ana Maria Orellana

Telephone: (202) 623-3981

Email: stevenr@iadb.org