IIC Promotes Development of the Textile Sector in Mexico with a Loan of up to MX$50 million
Loan to American Textil will create around 40 jobs
Washington, D.C., May 29, 2012 — The Inter-American Investment Corporation (IIC) approved a loan of up to MX$50 million to American Textil S.A. de C.V. to diversify its products and create jobs in metropolitan Mexico City.
The company is expanding and modernizing and will use the resources to purchase new machinery. The loan will also provide working capital for implementing the project.
“Through this investment, American Textil will provide employment for around 40 people and make its internal operations more efficient, so that it can meet demand and consolidate its position in a larger competitive market,” stated Rodrigo Navas, IIC senior investment officer in charge of the operation. “The textile industry is an important driver of Mexico’s economic growth, and the IIC is staunchly committed to the development of SMEs in this sector.”
With over 70 years in the market, American Textil is devoted to the production of textiles and the manufacture of textile goods such as sportswear, intimate apparel, and specialized fabrics. American Textil participates in the world’s main textile trade fairs.
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 reached US$1.48 billion in assets and 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: Rodrigo Navas
Telephone: + 1 (202) 623-3926 in Washington, D.C.