IIC Supports The Aquaculture Industry In Peru

11/25/2003

Washington, D.C. - On November 26, 2003, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a US$2.8 million loan to American Quality Aquaculture, S.A. in Peru. The project consists in developing a tilapia farm complex capable of harvesting all year long through an innovative system that relies on massive water exchange supplied by gravity. The harvested fish will then be processed into fresh fillets for export markets.

The IIC seeks to support the Peruvian aquaculture sector through projects that contribute significantly to job creation. The project is expected to generate 140 direct jobs, which will help reactivate the economy of the northern region of Peru. IIC's loan will contribute to the generation of net foreign exchange earnings in the order of US$6 millions per year.

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/Juan Carlos Pereira

Telephone: (202) 623-3981

Email: stevenr@iadb.org