In signing ceremony, IIC reaffirms its commitment to Sociedad Agrícola e Industrial San Carlos S.A.

09/21/2010



Washington, D.C. - The Inter-American Investment Corporation (IIC) held a signing ceremony for a loan agreement for up to US$7 million to Sociedad Agrícola e Industrial San Carlos S.A. (Ingenio San Carlos), a sugar, cogenerated power, and alcohol producer in Ecuador.

Steven Reed, Deputy General Manager of the IIC, stated: "With this loan, the IIC is supporting this Ecuadorian company’s efforts to remain competitive and improve the efficiency and productivity of its sugar cane planting and harvesting processes and its sugar mill, thus furthering the IIC’s mission of fostering private sector development in Latin America and the Caribbean."

The signing ceremony took place in the IIC’s offices in Washington, D.C. Mariano González, Chairman of the Board of Directors, signed for Ingenio San Carlos, and Steven Reed signed on behalf of 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