IIC Continues to Support Development of Pharmaceutical Industry in Nicaragua
Loan of US$275,000 will enable Genéricos Centroamericanos S.A. to pursue its growth and competitiveness strategy
Managua, Nicaragua, March 24, 2015 — A loan of US$275,000 from the Inter-American Investment Corporation (IIC) to Nicaraguan company Genéricos Centroamericanos, S.A. (Generifar) will enable this small enterprise to meet the growing domestic and international demand for its chemical and pharmaceutical products for human consumption.
The loan was approved under FINPYME Credit, the IIC’s flagship program for financing small and medium-sized enterprises (SMEs). The financing will enable it to acquire machinery to modernize its plant and increase its installed capacity.
“We will use this new loan from the IIC to continue investing in machinery that will help us increase our production capacity. It will also enable us to create jobs so we can continue manufacturing top-quality, innovative products at a better price for consumers,” said José Adán Delgado, Generifar’s founder. “This new machinery will also help us compete by making us more competitive in international markets and increasing our market share there.”
“The IIC is helping this Nicaraguan SME diversify and consolidate its product line, both domestically and internationally,” said Luisa Mayorga, the IIC senior investment associate in charge of the operation.
FINPYME Credit is a small-loans program that provides competitive financing to SMEs in Latin America and the Caribbean. The loans range from US$100,000 to US$600,000 and are available to businesses from various productive sectors. FINPYME Credit is offered in Nicaragua, among other countries of the region, and supports small companies looking to increase their sales by financing investments in working capital as well as fixed assets.
This is IIC’s third transaction with Generifar. Previous loans opened the door to exporting to Central America and the Caribbean and decisively increased sales.
Generifar manufactures chemical and pharmaceutical products for human consumption. Following its founding in 1997, it expanded domestically to become the industry leader in the local market.
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 SMEs. The Corporation provides companies with financing in the form of equity investments, loans, and guarantees, as well as with technical assistance, advisory services, and knowledge products. In 2014, the IIC approved 64 operations totaling $426.3 million. Since its founding, the IIC has approved more than 920 loans and equity investments for SMEs and financial intermediaries, totally US$5.63 billion. An additional $3.7 billion has been mobilized through cofinancing and syndication agreements. For additional information on the IIC, visit www.iic.org.
Contact: Luisa Mayorga
Telephone: +505 2264 9140 in Managua, Nicaragua