Signing Ceremony For US$2.8 Million IIC Loan To American Quality Aquaculture S.A.

03/27/2004

LIMA, PERU - On March 28, 2004, the Inter-American Investment Corporation (IIC) and Aqua Quality Aquaculture S.A. participated in a signing ceremony for a US$2.8 million loan that will be used to develop a tilapia farm capable of harvesting all year long, thanks to an innovative system that relies on massive gravity-fed water exchange. American Quality Aquaculture (AQUA) is Peru's only commercial tilapia farming operation that is seeking to enter foreign markets by developing and consolidating value-added products. The harvested fish is processed to obtain fresh fillets for the export market.

The signing ceremony took place in Lima's Museo de la Nación during the annual meetings of the Boards of Governors of the Inter-American Development Bank and the Inter-American Investment Corporation. Participating in the ceremonial signing were Mr. Guido Ucelli di Nemi, President of American Quality Aquaculture S.A., and Mr. Jacques Rogozinski, General Manager of the IIC.

The IIC seeks to support Peru's aquaculture sector with projects that will make a significant contribution to job creation. The Aqua Quality Aquaculture project will help create 140 direct jobs and thus further the reactivation of the economy of northern Peru. The IIC loan will also help generate some US$6 million in net foreign currency revenue.

The Inter-American Investment Corporation is a multilateral financial institution that is part of the Inter-American Development Bank 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. The IIC's mission is to promote the economic development of its regional borrowing member countries by stimulating the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size.

Contact: Jacques Rogozinski

Telephone: (202) 623-3901

Email: sylviasz@iadb.org