IIC Supports Bolivia'S Agribusiness Export Sector
04/27/2004WASHINGTON, D.C. - On April 28, 2004, the Board of Directors of the Inter-American Investment Corporation (IIC) approved a loan of up to US$1.8 million for Tahuamanu S.A. The loan will enable Tahuamanu to increase its production of Brazil nuts and make the investments required to complete the food certification process for its products.
Brazil nuts grow naturally in the area; Tahuamanu processes this raw material for the export markets. The funding from the IIC will enable Tahuamanu to increase production from 135,000 crates per year to 180,000 crates. Bolivia's Brazil nut industry is growing and accounted for 41% of the country's agricultural exports during the first nine months of 2003. The project will create thirty direct jobs, which is a 10% increase over Tahuamanu's current payroll. There will also be work for 600 more Brazil nut gatherers in addition to the group of about 1,300 that already gather Brazil nuts for the company.
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. 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