IIC Supports The Aquaculture Industry In Honduras

11/11/2003

Washington, D.C. - On November 12, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$3.7 million loan to Aqua Corporación de Honduras S.A., a Honduran producer of tilapia fish. The expansion of the company will make it possible to increase their annual production of fresh tilapia by adding 60 hectares of new fish ponds, including new water reservoir, and additional warehousing for feed and other materials.

The IIC seeks to support the Honduran aquaculture industry through projects that contribute significantly to job creation. The project is expected to generate 200 direct jobs and numerous indirect jobs related to growing and exporting fresh tilapia. The IIC will be supporting a fairly new industry in Honduras, fully oriented to export markets, generating foreign exchange for the country from a non-traditional source of exports.

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/Gustavo Romero

Telephone: (202) 623-3981

Email: stevenr@iadb.org