IIC Grants US$1 Million Loan To Mexican Aquaculture Company To Finance Working Capital
09/10/2007Operadora Pesquera del Oriente, S.A. de C.V. is a major generator of foreign exchange, exporting more than 90% of its production
Washington, D.C. - On September 11, 2007, the Inter-American Investment Corporation (IIC) approved a US$1 million loan to Operadora Pesquera del Oriente, S.A. de C.V., an aquaculture company that produces farmed tuna in Ensenada, state of Baja California.
The Company operates with four smaller Mexican affiliates that support its activities. The companies are located in the Fondeport industrial park, which focuses on the fishing sector and has its own port. The group, which has 180 employees, buys tuna from Mexican fishermen with their own fishing boats.
According to David Levy, IIC Investment Officer in charge of the operation, "the company needs working capital because in addition to financing its own requirements it provides the fishermen with some of the financing they need."
Tuna farming is beneficial for this region as a relatively new activity that adds value to an existing resource, draws on a skilled labor force, and transfers expertise from Japan to Mexico. Tuna farming helps diversify Mexican exports to the Japanese market.
The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. It provides financing (in the form of equity investments, loans, guarantees, 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 member countries by encouraging 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, please visit www.iic.int.
Contact: John Beckham/David Levy
Telephone: (202) 623-3984