IIC Contributes To Agribusiness Sector Development In Chile

10/28/1999

Funding operation to Invertec Foods, a Chilean food processing company WASHINGTON, D.C. - On October 28, 1999, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a $2 million senior loan and a $3 million subordinated loan to Invertec Foods S.A. in Chile. Invertec Foods is a vertically integrated food processing company. The funding will enable Invertec to expand its apple and capsicum dehydration facilities and increase its supply of apple as raw materials required in the dehydration process. The IIC's financing will allow the company to increase its installed capacity, improve economies of scale, and incorporate new technologies into its processes.

Through this operation, the IIC will provide long-term financing, contributing to the ongoing development of the agribusiness sector, which is one of the most important and dynamic sectors of the Chilean economy.

The project is expected to create 105 jobs and generate foreign exchange earnings in the order of $178 million.

Contact: Steven Reed

Telephone: (202) 623-3981

Email: stevenr@iadb.org