IIC Promotes Development of Uruguay’s Manufacturing Sector Through its FINPYME Credit Program
Montevideo, Uruguay — On February 22, 2012, the Inter-American Investment Corporation (IIC) and Laboratorio Uruguay S.A. (LUSA) signed a loan agreement totaling up to US$380,000 for working capital.
LUSA is a company that develops, manufactures, and markets products for veterinarian use. The company manufactures a variety of products, which include antiparasitic treatments and a pet product line for export to Argentina, Bolivia, Brazil, Costa Rica, Nicaragua, Panama, and Paraguay.
According to Santiago Cat, the IIC investment officer in charge of the loan, "This operation will help LUSA improve and increase its productivity. The company will use this investment to shore up its product inventory and, in turn, increase sales volume. During the cropping season—December through April—LUSA has not always been able to keep up with the demand for its products, and this operation should help the company to overcome that situation."
Signing on behalf of LUSA was Marcelo Costa Lecour, the company’s CEO and director, while Santiago Cat signed on behalf of the IIC.
FINPYME Credit is an IIC program that provides SMEs with smaller loans ranging from US$100,000 to US$600,000. FINPYME Credit 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, and construction sectors, as well as any other that contributes to the local economy.
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 developing 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, visit www.iic.org
Contact: Santiago Cat
Telephone: + (598 2) 915-3696