IIC Approves A US$1.5 Million Loan To A Peruvian Agribusiness

07/11/2005

Washington, DC - On July 12, 2005, the Inter-American Investment Corporation (IIC) approved a loan of up to US$1.5 million to Green Perú S.A., a Peruvian agribusiness. Financing from the IIC will enable the company to build upon its comparative and competitive advantages as an asparagus producer and become more competitive in the international market.

With this transaction, the IIC seeks to support the development of the Peruvian agribusiness sector by fostering projects involving high value added, job creation, and increased exports. Green Perú's location is exceptionally well suited for year-round asparagus production, making it possible for the company to export off-season to markets throughout the northern hemisphere. IIC's financing will enable the company to increase and diversify its production capacity, sustain its high productivity in the long term, and add further value to its primary production by installing a canning plant. Green Perú has implemented the Hazard Analysis and Critical Control Point (HACCP) System and meets EUREPGAP ("Euro-Retailer Produce Working Group for Good Agricultural Practice") requirements. These standards call for good production practices and appropriate control of all operations throughout the production process. The project will result in 361 new jobs and over US$50 million in export revenue.

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/Jorge Ciurlizza

Telephone: (202) 623-3981

Email: stevenr@iadb.org