Inter-American Investment Corporation Approves A US$750,000 Loan To Termas De Lahuen Co, S.A.

06/09/2008

IIC loan will further the development of the private sector in the region

Washington, D.C. - On June 10, 2008, the Inter-American Investment Corporation (IIC) approved a US$750,000 loan to Termas de Lahuen Co, S.A., a company that has been operating a mountain spa facility at Termas de Lahuen Co, a natural resource with high tourist potential in the heart of Lanín National Park, in Argentina’s Neuquén province. The thermal spa is 80 kilometers from San Martín de los Andes, in a tourist corridor on the Seven Lakes route.

Lahuen has been operating since December 2007. The facilities include a balneotherapy building with several indoor and outdoor pools and expansive open-air terraces and gardens, as well as a restaurant, a thematic walkway, and a boat docking area on Epulafquen Lake.

With this project the IIC will contribute to the development of the tourism sector and the generation of employment in the area. The project consists of building an eleven-room lodge adjacent to the spa. Currently there is no other tourist lodging in the area.

The IIC’s participation will also contribute to the development of the private sector because the area where the project is located is growing. It is expected that this project will encourage the establishment of similar and supplementary businesses to take advantage of the parks and thermal springs. Moreover, the project is expected to benefit the area's cottage industries that will provide local products to tourists who are staying at the lodge.

The Inter-American Investment Corporation is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) 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. In 2007, the IIC reached US$1.2 billion in assets and approved 62 transactions channeling US$470 million to SMEs in the region. 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. For more information on the IIC’s activities, please visit www.iic.int.



Contact: Ana María Orellana (in Chile)

Telephone: + (562) 431-3707

Email: anamariao@iadb.org