IIC supports the food, bottling, and beverage sector in Ecuador

10/25/2010


Washington, D.C. - On October 26, 2010, the Inter-American Investment Corporation (IIC) approved a loan of up to US$5 million to Moderna Alimentos S.A. in Ecuador.

The financing will be used to improve storage and logistics at the company’s production plants, expand its bread-making business, and develop and enhance its pasta production business.

According to Javier Hernández, IIC Investment Officer in charge of the operation, "With this operation the IIC is supporting the production of wheat flour and food products, a key sector in Ecuador’s economy. The operation is also expected to promote the development of products for social programs and expand the range of products available in Ecuador’s food chain."

About Moderna Alimentos S.A.

Moderna Alimentos is a leading miller and marketer of wheat flour and such value-added products as bread and pasta in Ecuador. It is an important supplier of products for social programs, such as nutritional mixes with certain vitamin specifications, beverages, and cookies for the Ecuadorian government’s food programs targeting population sectors with nutritional issues.

Moderna Alimentos has been operating in its current form since June 2009, following the merger of three companies: Moderna Alimentos S.A., Molinos del Ecuador S.A., and Molino Electro Moderna S.A. Each of these companies had more than 12 years of experience in Ecuador’s wheat and flour market.

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 2009, the IIC reached US$1.4 billion in assets and approved 40 operations channeling US$299.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.int.

Contact: Javier Hernández (in Washington D.C.)

Telephone: (202) 623-3992

Email: javierh@iadb.org