IIC Approves US$3 Million for Sustainable Development of Paraguay’s Sustainable Agricultural
Loan will enable Tecnomyl S.A. to expand internationally into new markets
Washington, D.C., October 23, 2014 – The Inter-American Investment Corporation (IIC) has approved a loan of up to US$3 million to Tecnomyl S.A. in Paraguay to fund the expansion, improvement, and modernization of its industrial plant in order to increase production while maintaining high quality, not only for domestic sales but also for sales to new markets such as Brazil, Colombia, and Mexico.
“With this loan, the IIC supports the growth of an agricultural company in a high-value sector with significant export potential. At the same time, it supports the local SME producers from which Tecnomyl purchases its inputs,” said Hernando Lesme, the IIC senior investment officer in charge of the operation.
Tecnomyl is a Paraguayan joint stock company incorporated 23 years ago that manufactures agrochemicals such as herbicides, insecticides, fungicides, and seed inoculants. It is the market leader locally and holds ISO 14001 (environmental management) and ISO 9001 (quality management) certifications.
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: Hernando Lesme
Telephone: +(595 21) 616-2321 in Asunción, Paraguay