IIC Approves US$1.2 million Loan to Develop the Food Sector in Honduras

11/18/2014

The proceeds of the IIC loan will enable Inversiones Amalgamadas S.A. de C.V. to boost its production and increase its exports

Washington, D.C., November 18, 2014 — The Inter-American Investment Corporation (IIC) approved a loan of up to US$1.2 million to Inversiones Amalgamadas S.A. de C.V. (Inalma)—located in the city of Choloma, Honduras—to partially finance its raw materials supply via investments in plantations and the refinancing of liabilities in order to improve the company’s capital structure and its future growth.

“With this loan, the IIC is supporting the Honduran food sector as well as Inalma’s growth and integration, mainly with its plantain suppliers, who are based in different areas of the country and are expected to benefit from forming part of the company’s supply chain,” said Juan Fonseca, IIC Senior Investment Officer in charge of the operation.  “Furthermore, this project is expected to create 190 direct and indirect jobs over the next five years.”

“This financing will be of great importance to our company, since it will enable us to broaden our sources of raw materials, achieve competitive costs, and improve profitability,” said Melvin Barillas, Inalma’s operations manager.

Inalma is an agroindustry exports company with more than twenty years’ experience in producing precooked and frozen products based on plantain, cassava, and other root vegetables, ready to heat and serve. Inalma’s industrial plant is located five kilometers from San Pedro Sula, in the vicinity of the city of Choloma, Cortés department. This plant has ISO 22000 certification and employs 292 workers, many of whom come from different rural communities.

About the IIC

The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.

Contact: Juan Fonseca

Telephone: + (506) 2588-8717 in San José, Costa Rica

Email: juanf@iadb.org