IIC approves a second loan to Trans Antartic Ltda. in Chile

03/21/2011

Washington, D.C. - On March 21, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$3 million to Pesquera Trans Antartic Ltda. (Trans Antartic) in Chile. The loan comprises an A loan of up to US$1.5 million and a B loan of up to US$1.5 million, and will be used to make investments to improve logistics at the Puerto Montt plant and increase the company’s productivity.

In 2007, the IIC granted Trans Antartic a loan for refinancing liabilities incurred in building the Puerto Montt plant that the company is now planning on expanding, as well as for working capital. The loan enabled the company to increase its exports and sales.

According to Ana Orellana, IIC Senior Investment Officer in charge of the operation, "With this financing, the IIC seeks to support the development of Chile’s fisheries and aquaculture sector. The loan is expected to increase Trans Antartic’s exports to other Latin American countries and to the United States and boost its productivity, competitiveness, and efficiency, thereby generating foreign exchange for the country."

About Trans Antartic

Trans Antartic cans fish and shellfish for sale in Chile under the Robinson Crusoe and Antartic labels and for export, principally to Spain. It is a subsidiary of the Spanish company Jealsa Rianxeira S.A., the parent company of Grupo Jealsa. Grupo Jealsa leads the canned fish and shellfish sector in Spain and ranks second in Europe. For more information about Trans Antartic, visit www.transantartic.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: Ana María Orellana (in Chile)

Telephone: + (562) 431-3707

Email: anamariao@iadb.org