IIC Approves A Program For Agricultural Supply Chain Financing In México
11/11/2003WASHINGTON, D.C. On November 12, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$10 million loan to small dairy farm producers and suppliers of Nestlé México, S.A. de C.V. The program will support between 300 and 600 small Mexican dairy farm enterprises with the purchase of equipment and milk-producing livestock by providing long-term financing loans ranging from US$5,000 to US$50,000.
The program represents an innovative mechanism to provide financing to small milk producers through the establishment of a trust to be administered by a local financial institution. Funding from the IIC will support small and medium-size enterprises by providing access to suitable sources of funding, fostering technology transfer, creating jobs, and supporting the introduction of modern mechanisms to finance directly small companies that are supplier of larger corporations.
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, securities 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: Sotero Arizu
Telephone: (202) 623-3907