IIC Approves A US$10.2 Million Loan That Will Benefit Colombia'S Manufacturing Sector

11/30/2004

Washington, D.C.- On December 1, 2004, the Inter-American Investment Corporation (IIC) approved a US$10.2 million loan to Lamitech, one of Colombia's—and the region's—leading manufacturers of laminates for furniture. The project will enable Lamitech to increase its production capacity and consolidate its operations in foreign markets.

Lamitech has more than fifteen years of experience in manufacturing high-pressure decorative laminates; exports account for more than 50 percent of sales. The company is based in the Mamonal industrial zone in Cartagena. The project involves installing and starting up a modern press that will come on line in 2006. The expansion will increase the company's production capacity and generate approximately fifty-two jobs for operations as well as other jobs and opportunities during assembly and installation. This is the IIC's second loan to Lamitech. The first IIC loan enabled Lamitech to move from Colombia's interior to Cartagena and expand its operations to serve the domestic market and enter the export market.

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.

Contact: Steven Reed/Javier Hernández

Telephone: (202) 623-3981

Email: stevenr@iadb.org