IIC Approves US$6 Million Loan To A Manufacturing Company In The Dominican Republic
08/03/2009The operation consists of a working capital line to Industrias Nacionales, C. por A., for financing inventory needs.
Washington, D.C. - On August 4, 2009, the Inter-American Investment Corporation (IIC) approved a loan of up to US$6 million to Industrias Nacionales, C. por A. (INCA), to finance working capital. INCA manufactures and markets iron, steel, and PVC products for the domestic market and for export, mainly to countries in the Caribbean and Central America. INCA is part of the Multisteel Business Holdings Corp. group, a corporation that channels investments in the metallurgy sector in the Caribbean and Central America.
The IIC’s participation will make it possible for the company to enhance its financial profile and ensure efficient manufacturing of its products. The operation is innovative from the IIC’s perspective and from that of the Dominican Republic because revolving facilities are not widely accessible, particularly from an international institution and in the current economic conditions.
"This transaction is the latest in the IIC’s continuing efforts to support private enterprises in Latin America and the Caribbean as they weather the current financial market turmoil. At the IIC, we will continue to complement our traditional long-term financing with short-term products so as to fill working capital gaps caused by private lenders reducing credit lines or suppliers shortening payment terms," explained John Beckham, IIC Coordinator, Corporate Projects, Financial Institutions, and Structured Finance.
The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 million to SMEs in the region. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. For more information on the IIC’s activities, please visit www.iic.int.
Contact: John Beckham
Telephone: (202) 623-3984