IIC Drives The Development Of Nicaragua’s Pharmaceutical Industry With its FINPYME Credit Program

11/09/2011

Managua, Nicaragua – The Inter-American Investment Corporation (IIC) and Genéricos Centroamericanos S.A. (Generifar) signed a loan agreement for up to US$400,000 on January 13, 2012. The loan proceeds are to be used for purchasing equipment.

Generifar is a Nicaraguan pharmaceutical firm that manufactures and distributes generic drugs for human consumption. Since its founding in 1997, Generifar has expanded throughout Nicaragua, has become the domestic market leader, and is now foraying into the international market.

In the words of José Adán Delgado, President of Generifar, "The IIC loan will benefit Generifar in many ways but, first and foremost, in terms of productivity gains. It will help us become more efficient, strengthen our operating capacity, and improving the quality of our internal processes. Better productivity will mean hiring more personnel, thus creating more demand for skilled labor. The loan will also put us in a position to successfully compete with other domestic and international laboratories, paving the way for us to grow our business."

According to Luisa Mayorga, the IIC's technical associate in charge of the loan, "This IIC operation bolstering the manufacturing sector will have a positive impact on private sector development and on the Nicaraguan economy by creating more jobs and generating higher export earnings."

José Adán Delgado signed the loan agreement on behalf of Generifar and Roberto Argüello signed on behalf of the IIC.

FINPYME Credit is an IIC program providing small loans in amounts ranging from US$100,000 to US$600,000 for the financing of SMEs. It is specifically designed to assist small businesses interested in increasing their sales by providing financing for working capital and investments in fixed assets. FINPYME Credit is targeted at private enterprises in the agribusiness, manufacturing, wholesale, retail, service, construction, and other sectors fueling the local economy. FINPYME Credit is available in Bolivia, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and Uruguay.

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. 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. It does so by providing 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 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org

Contact: Luisa Mayorga

Telephone: (505) 2264-9140

Email: lmayorga@iadb.org