At Signing Ceremony IIC Reaffirms Its Commitment To Industrias Nacionales, C. Por A.
Washington, D.C. - The Inter-American Investment Corporation (IIC) and Industrias Nacionales, C. por A. (INCA) signed a loan agreement for up to US$6 million during a ceremony held on November 20, 2009. INCA manufactures and markets iron, steel, and PVC products for the domestic market and for export, mainly to the Caribbean islands and Central America. Over the years, INCA has diversified its line of construction products and consolidated its position in the domestic and export markets through its export distribution channels.
According to Javier Hernández, IIC investment officer in charge of the operation, "With this revolving working capital facility, the IIC will complement INCA's other sources of working capital in the context of the current international financial markets and, in particular, the construction materials sector in the Dominican Republic and elsewhere in the Caribbean."
The signing ceremony took place in the IIC's offices in Washington, D.C. Finance Director Carlos Manuel Tejera signed for Industrias Nacionales, C. por A. Signing for the IIC was Deputy General Manager Steven Reed.
The IIC 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 2008, the IIC reached US$1.5 billion in assets and approved sixty-four operations channeling US$300.5 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: Javier Hernández (in Washington D.C.)
Telephone: (202) 623-3992