IIC Supports The Agricultural And Agribusiness Sector In Brazil

12/02/2003

Washington, D.C. - On December 3, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$8 million loan to Usina Maracaju S.A. in the center-south region of Brazil. The company produces sugar and alcohol for the domestic and export markets. The project comprises the expansion of the sugarcane growing area by 5,622 hectares, increasing of the milling capacity from 900,000 metric tons to 1,350,000 metric tons per year and upgrading the technology used in different parts of the process, as well as building of additional support facilities as housing for workers.

The IIC seeks to support the Brazilian agribusiness sector through projects with high value-added generation, job creation, and export growth. The project will create 310 jobs; most of them will be for farm workers, benefiting low-income families. The project will make it possible to increase the company's scale of production with the consequent improvement in performance.

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, securities 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. For more information on the IIC's activities, visit its Web site at www.iic.int.

Contact: Steven Reed/Fernando Luciani

Telephone: (202) 623-3981

Email: stevenr@iadb.org