IIC Financing To Support The Agricultural Export Sector In Chile

09/23/2003

WASHINGTON, D.C. - On September 24, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$9 million loan to Agrícola Millahue Ltda. and Agrícola Trallay Ltda. to provide funding for fruit plantations, mainly apples, quality control programs, and the development of new nurseries, as well as contributing to permanent working capital for pre- and post- harvest expenses.

With this project, the IIC will be supporting the agricultural export sector in Chile, which has become a worldwide leader given its comparative and competitive advantages in apple and other fruit production. IIC financing will allow the companies to consolidate their efforts to gain a competitive position similar to that of the large international corporations and compete on equal terms with exporters of other countries in the Southern Hemisphere. This financing will make possible the creation of approximately 1,100 jobs during the harvesting seasons and will enable a medium-size company to ensure its operational and financial stability.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank Group. It provides financing (in the form of equity investments, loans, securities and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating 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, visit its Web site at www.iic.int.

Contact: Steven Reed/Juan Carlos Pereira

Telephone: (202) 623-3981

Email: stevenr@iadb.org