IIC Supports Paraguay’s Agricultural Sector with Loan of up to US$3.5 Million
Ciabay loan will benefit many SME producers
Asunción, Paraguay, November 27, 2012 — The Inter-American Investment Corporation (IIC) and Comercial e Industrial Amambay S.A. (Ciabay), a Paraguayan marketer of agroinputs and machinery, signed a loan agreement for up to US$3.5 million that will enable many agricultural producers to obtain better financing terms for their purchases.
In addition to its main line of business, Ciabay offers financing to its clientele of nearly 1,300 agricultural producers. “Through this loan, the IIC is fostering the growth of Paraguay’s agricultural sector and enabling Ciabay to offer these clients better terms of financing and sale,” noted Hernando Lesme, IIC investment officer in charge of the operation.
The IIC resources come at a good time for Ciabay: “The IIC financing will contribute to our investments in working capital, especially the procurement of merchandise, to meet the needs of the agricultural sector,” commented Eduardo Lourenco, company CEO and CFO.
With 17 years of experience, Ciabay’s main business is the sale of agroinputs and agricultural machinery and tools. The company also provides its clients with machinery repair services and support through agronomy services and technical assistance that includes soil studies using high-precision technology.
About the IIC
The IIC, a member of the Inter-American Development Bank (IDB) Group, promotes private-sector development in Latin America and the Caribbean with a focus on small and medium-sized enterprises (SMEs). We help companies streamline management processes and provide them with financing in the form of equity investments, loans, and guarantees. In 2011, the IIC reached the symbolic one-billion-dollar mark in disbursements of own and third-party funds. Throughout our history, we have benefited more than 1.6 million SMEs in Latin America and the Caribbean. For additional information on the IIC’s activities, visit www.iic.org.
Contact: Hernando Lesme
Telephone: +595 (21) 616-2321 in Asunción, Paraguay