IIC Backs Fishing Industry in Ecuador with a Loan of up to US$12 Million
Washington, D.C., December 19, 2014 — The Inter-American Investment Corporation (IIC) approved an A/B loan of up to US$12 million to Ecuadorian company Industria de Enlatados Alimenticios Cía. Ltda. (“Ideal”) for refinancing the acquisition, refurbishment, and modernization of the Cabo Marzo, a tuna fishing vessel with capacity of over 1,200 metric tons.
“Thanks to the IIC’s support, we will be able to put approximately 6,000 more metric tons of whole frozen tuna through our plant’s industrial canning process, providing steady work for the company’s 600 direct employees who keep it running, half of whom are women,” said Jorge Guzmán Segura, Ideal’s administrative and financial manager. “This project will also contribute to the generation of foreign exchange in Ecuador by replacing foreign ship operators, fostering fishing self-sufficiency.”
“By granting this long-term financing, the IIC is promoting the development of the Ecuadorian fishing industry. At the same time, it supports Ideal in its efforts to increase exports and improve its productivity, competitiveness, and efficiency, thus creating jobs and generating foreign currency for the country,” said Aniceto Huertas-Corcelles, the IIC senior investment officer in charge of the operation.
Ideal is an Ecuadorian family business located in Montecristi, near the port of Manta. It was founded in 1973 and has a long domestic and international track record of catching tuna and canning tuna, sardines, and other fish. Ideal sells the large majority of its production on international markets, with more than half of its total exports sent to European countries.
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’s activities, visit www.iic.org.
Contact: Aniceto Huertas-Corcelles
Telephone: (202) 623-2036