IIC Promotes Development Of Nicaragua’s Agricultural Sector Through FINPYME Credit
Managua, Nicaragua — On February 1, 2012, the Inter-American Investment Corporation (IIC) and Desarrollo Agrícola S.A. (DAISA) signed a loan agreement for up to US$200,000. DAISA will use the loan to purchase equipment, refurbish biomass processing machinery, upgrade its packaging plant, drill a well for drinking water, and build a cold storage facility.
DAISA produces, warehouses, processes, and exports tubers, root vegetables, and fruit. It also provides services to SMEs based in the country’s Nueva Guinea region, designed to help them market their agricultural production for export to the U.S. and Puerto Rican markets.
According to Luisa Mayorga, the IIC technical associate in charge of the operation, "DAISA will use this IIC loan to increase and improve productivity by optimizing installed capacity as well as the quality of its operating processes, thus facilitating more export-related job growth and income."
Signing on behalf of DAISA were Fernando Alvarado and Roberto Alvarado, the company’s president and treasurer, respectively. Roberto Argüello signed on behalf of the IIC.
FINPYME Credit is an IIC product that provides SMEs with smaller-scale loans ranging from US$100,000 to US$600,000. The FINPYME Credit program supports small companies looking to increase their sales by financing investments in working capital as well as fixed assets. FINPYME Credit targets private companies operating in the agribusiness, manufacturing, wholesale, retail, service, construction, as well as any other sector that contributes to the local economy. FINPYME Credit currently operates 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 2011, the IIC approved 71 operations, channeling US$464.7 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.org
Contact: Luisa Mayorga
Telephone: + (505) 2264-9140