IIC Approves US$3 Million for Developing Mexico’s Agricultural Sector
Project is expected to create 84 permanent jobs in rural areas by its conclusion
Washington, D.C., October 13, 2014 — The Inter-American Investment Corporation (IIC) and Berries Paradise S.A.P.I. de C.V., Agroberries de Colima S. de R.L. de C.V., and Aba Vargas S. de R.L. de C.V. (together, “Berries Paradise”) signed a loan agreement for up to US$3 million to finance the preparation of 42 hectares of land for growing berries, as well as the acquisition of machinery and equipment. Part of the loan will be used as working capital.
“With this loan, the IIC supports the growth of an agricultural company in a high-value sector with significant export potential. It also supports the 32 small producers integrated to Berries Paradise’s supply chain,” said Carlos Martínez Gama, the IIC investment officer in charge of the operation.
“The IIC loan supports our growth with long-term resources at a competitive rate,” said Francisco Javier Ortíz, the president and general director of Berries Paradise. “The need for food is ever growing, especially for food produced with an emphasis on quality and that promotes healthy nutrition for global population that keeps growing. Our berries support this commitment, something that fills us with pride and satisfaction and inspires us in our daily work.”
Berries Paradise is a Mexican company that grows, harvests, packs, and sells berries, mainly blackberries, raspberries, and blueberries. Headquartered in Guadalajara, Jalisco, in east-central Mexico, it grows its fruit in the states of Jalisco, Colima, and Michoacán, cultivating approximately 500 hectares of farmland.
Berry production is an important source of employment for the area. Berries Paradise has a payroll of close to 500 permanent workers and hires more than 2,000 workers for the harvest season. As a result of the IIC funding, Berries Paradise expects to create another 84 permanent jobs.
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: Carlos Martínez Gama
Telephone: +52 (55) 5141-2492 in Mexico City, Mexico