IIC Loan Of Up To US$10 Million Will Help Invertec Pesquera Mar De Chiloé S.A. Double Its Salmon Production
11/26/2007Vertically integrated Chilean export company will finance investments in fixed assets and working capital
Washington, DC - On November 27, 2007, the Inter-American Investment Corporation (IIC) approved a loan of up to US$10 million to Invertec Pesquera Mar de Chiloé, S.A. (Invertec Pesquera), a Chilean company that has been farming and processesing salmon since 1987. This is the third IIC loan to Invertec Pesquera.
According to Javier Barsantini, the Investment Officer in charge of the operation, "With this loan the IIC will continue to support one of Chile’s main foreign exchange generating industries and promote the development of a medium-size salmon company. It will also help decrease the concentration of salmon production on the island of Chiloé while promoting the development of the salmon industry in Chile’s Region XI, where development and investment levels are low."
Chile is the second largest producer of salmon in the world, with a market share of approximately 38% (slightly behind Norway's). Chile has the lowest salmon production cost in the world thanks to relatively low labor costs and favorable oceanographic conditions. The vertical integration of Invertec Pesquera’s entire production process enables it to compete efficiently in the sector, thanks to greater control over key production variables such as cost, quality, processes, and timely supply. Invertec Pesquera has grown remarkably from a small salmon producer to one of the world's largest producers of frozen salmon portions.
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/Javier Barsantini (in Chile)
Telephone: + (562) 431-3724