IIC Financing To Support The Agriculture And Agribusiness Industry Sector In Ecuador

12/02/2003

WASHINGTON, D.C. - On December 3, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$8 million loan to Agrícola Ganadera Reysahiwal AGR S.A., a livestock company dedicated to the production and sales of dairy products in Ecuador. The project involves the expansion of the production and packing capacity, the enhancement of the suppliers' quality and productivity, the improvement of the distribution capability and the restructuring of short-term debt.

Financing from the IIC will be used to support the agriculture and agribusiness sector in Ecuador, creating 20 direct jobs and benefiting 600 family-owned dairy farms and 77 small milk distributors through the supply chain program created by the dairy operation.

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/Ricardo Rico

Telephone: (202) 623-3981

Email: stevenr@iadb.org