IIC Supports Ecuador's Aquaculture and Fisheries Sector With a Loan of up to US$5 Million

11/29/2011

Washington, D.C. — On November 29, 2011, the Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million for Ecuadorian SME Industrial Pesquera Santa Priscila S.A. (IPSP). The purpose of the loan is to finance part of the company's capital outlays for 2011, which include improvements to and expansions of its shrimp processing and packaging plant; investments in infrastructure, equipment, and materials for its production farms; and investments associated with its environmental management plan.

According to Javier Hernández, the IIC investment officer in charge of the operation, "The IIC, through this project, is supporting Ecuador's aquaculture and fisheries sector. The project will help facilitate regional cooperation and integration because its shareholders have interests in other companies operating in Panama and the United States, and will also support fellow SMEs by purchasing their shrimp and tilapia production, thereby generating employment and foreign exchange earnings."

About Industrial Pesquera Santa Priscila S.A.

IPSP is an integrated shrimp and tilapia producer. The company has hatcheries equipped with fry culturing and grow-out sections, a balanced feed plant, and processing and packaging facilities that enable it to export its products to Europe, the United States, China, and other countries. With more than 20 years of industry experience, IPSP is Ecuador’s largest producer of shrimp and tilapia and third largest exporter. For more information, visit www.santapriscila.com

About 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

Telephone: (202) 623-3992

Email: javierh@iadb.org