IIC Approves A US$3.5 Million Loan To An Ecuadorian Plastics Manufacturer
07/24/2006Washington, D.C.- On July 25, 2006, the Inter-American Investment Corporation (IIC) approved a US$3.5 million loan to Plásticos del Litoral Plastlit S.A. (Plastlit). The purpose of the loan is twofold: increase Platlit's production capacity and improve its efficiency. The IIC will allow the company to refinance its medium-term debt, which is not a readily accessible option in Ecuador. Plastlit will also be able to maintain its role as a major manufacturer of plastic packaging for the food and agribusiness sectors. Key to the strengthening of Plastlit are continuing growth, innovation, increased efficiencies, proper environmental management, and an appropriate financial structure.
Plásticos del Litoral S.A. is a leading manufacturer of plastic packaging for the food and industrial sectors in Guayaquil, Ecuador. It serves different sectors of the domestic market and exports mainly to other Latin American countries. Plastlit has two major product lines: flexible packaging for the food and agribusiness sectors, and disposable products for fast-food restaurants and other uses.
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 member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.
Contact: David Levy/John Beckham
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