IIC to Support Nicaraguan Livestock Sector with A/B Loan of up to US$20 Million
Washington, D.C. — On October 18, 2011, the Inter-American Investment Corporation (IIC) approved a loan to Ganadería Integral de Nicaragua, S.A. (GINSA) in Nicaragua for up to US$20 million, comprising an A loan of up to US$10 million, to be financed by the IIC, and a B loan of up to US$10 million, to be financed by participating financial institutions.
The loan proceeds will be used to finance the construction and development of feeding and processing facilities, which will enable GINSA to purchase and process approximately 50,000 head of cattle per year. GINSA will receive technical, trade, and export support from its parent company, Mexico’s Grupo Viz.
Javier Hernández, the IIC investment officer in charge of the operation, noted, "With this operation, the IIC is contributing to regional cooperation and integration by suplementing a foreign investment in Nicaragua made by Grupo Viz. The operation will generate employment and foreign exchange income and create dynamism in an important sector of Nicaragua’s economy. It will also strengthen GINSA’s competitive position as a producer and distributor of high value-added products, benefit some 20,000 small-scale cattle ranchers, and support the transfer of technology and know-how by introducing livestock development best practices in Nicaragua.About GINSA and Grupo Viz
GINSA is a subsidiary of Grupo Viz. With its SuKarne brand, Grupo Viz is Mexico’s largest beef producer and an exporter to the United States, Japan, Russia, South Korea, and many other markets. Headquartered in Culiacán, in the state of Sinaloa, Grupo Viz has four production facilities in Mexico and a nationwide distribution and marketing network, also in Mexico. For more information visit www.sukarne.com.mxAbout 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 2010, the IIC reached US$1.4 billion in assets and approved 49 operations, channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, visit www.iic.org
Contact: Javier Hernández (in Washington D.C.)
Telephone: (202) 623-3992