IIC Promotes Mexico’s Agricultural Export Production
Loan to Mazazul Organics to create up to 700 additional jobs in rural Mexico
Washington, D.C., May 14, 2014 — The Inter-American Investment Corporation (IIC) has approved a loan of up to US$1.65 million to fruit grower and exporter Mazazul Organics S.A. de C.V. to finance the construction of two tropical fruit processing plants in Arriaga and Zihuatenejo in southern Mexico.
Mazazul will boost its productive capacity to up to 5 million pounds of dried mango per year, benefiting the extensive chain of local farmers who supply the fruit. Mazazul also expects to reduce its dependence on fruit imports from other countries.
“Through this long-term operation, the IIC is supporting the growth of a Mexican SME in the agricultural sector, creating up to 700 jobs during the mango season, especially for women in rural Mexico,” noted Aniceto Huertas-Corcelles, IIC investment officer in charge of the operation.
“This loan will assist us with our long-term mission of producing the world’s finest conventional and organic dried fruit, while providing quality jobs in rural agricultural areas of Mexico,” stated Rusty Brown, founder and president of Mazazul Organics/Fine Dried Foods International.
Founded in 1998 to increase the supply of high-quality tropical fruit to its sponsor, Fine Dried Foods International, Inc., for sale in the United States and Europe, Mazazul processes and packages tropical fruit, primarily mangos, bananas, and pineapples.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees, as well as innovative technical assistance, advisory services, and knowledge products. In 2013, the IIC approved 71 operations totaling US$415.4 million. Since its inception in 1989, the IIC has approved more than 800 direct loans to SMEs and financial intermediaries, for a total of US$5.21 billion. An additional US$3.01 billion has been mobilized through cofinancing and syndication agreements. For more information on the IIC, visit www.iic.org.
Contact: Aniceto Huertas-Corcelles
Telephone: +1 (202) 623-2036 in Washington, D.C.