IIC Approves A Loan Of Up To US$5 Million For Colombia's Chemical And Plastics Sector
04/24/2006Washington, D.C. - On April 25, 2006, the Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million to Biofilm S.A., a Colombian company in the chemical and plastics sector that produces and sells bioriented polypropylene film. The loan proceeds will be used to finance the company’s permanent working capital needs resulting from its growth in recent years.
IIC’s financing will help Biofilm S.A. strengthen its competitive position on foreign markets by supporting the company's growth as well as the modernization of its production processes. The chemical and plastics industry is of considerable strategic value to Colombia because it supports exports, generates foreign exchange, and stimulates domestic economic activity. The loan will lead to an increase in regional trade, especially with Andean countries, Mexico, and the United States. Biofilm S.A. has a production plant in Cartagena, Colombia, and another plant was built in Mexico in 2003. The company has created 123 direct jobs in Colombia, and the expansion to Mexico created an additional 120 direct jobs.
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 member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: John Beckham/Olga Lucía de Narváez
Telephone: (202) 623-3984