IIC Signs A $3.5 Million Loan Agreement With MABET, A Door And Wood Product Manufacturer In Bolivia

03/11/2002

LA PAZ, BOLIVIA - The Inter-American Investment Corporation (IIC) signed a $3.5 million loan agreement with Maderera Boliviana Etienne S.A., a Bolivian manufacturer of wooden doors, flooring, and other products. The loan will be used to increase and diversify the production capacity of the company's plant, as well as to increase production capacity at the Agroindustrial y Forestal Pacahuaras S.A. sawmill. The IIC is playing a significant role by backing an industry whose reliance on local raw materials and labor throughout the production process makes it key to the development of the Bolivian economy.

The agreement was signed on 12 March 2002 at the IDB Field Office in La Paz, Bolivia, by Mr. Mauricio Etienne Solares, Ms. Roxana Monrroy Pisarrozo (respectively, Chairman and Secretary of the Board of Directors of Maderera Boliviana Etienne S.A. and Forestal y Agroindustrial Pacahuaras S.A.), Ms. Susana Etienne Solares, and Ms. Jacqueline Etienne Solares de Luján. The agreement was signed on behalf of the IIC by Mr. Philippe Dewez, Representative of the Inter-American Development Bank in Bolivia.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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 borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Steven Reed/Ana Maria Orellana

Telephone: (202) 623-3981

Email: stevenr@iadb.org